INDO COUNT COMPLETES THE ACQUISITION OF THE HOME TEXTILE BUSINESS OF GHCL LIMITED
THE
COMPANY BECOMES THE WORLDS LARGEST HOME
TEXTILE BEDDING MANUFACTURER
Mumbai, 2nd April 2022: Indo Count Industries Limited, a leading manufacturer and exporter of Home Textiles has today announced the successful completion of the acquisition of Home Textile business of GHCL Ltd. at Bhilad (Vapi), Gujarat, on a going concern basis by way of a slump sale and acquisition of specified assets of Grace Home Fashions LLC ("GHF"), US subsidiary of GHCL for an all-cash consideration of Rs. 592.8 crores (subject to validation of customary closing date adjustment of working capital in terms of BTA and ATA).
Commenting
on the above, Mr. Anil Kumar Jain, Executive Chairman, said:
“We are extremely happy to
announce the completion of the acquisition and warmly welcome the new team to
the Indo Count family. We are confident that this foray will successfully meet
our long-term aspirations and create value for our global customers and all
stakeholders.
Mr. Anil Kumar Jain, Executive Chairman.
We are excited about the
pace at which we are progressing towards strengthening our brand into an
end-to-end bedding solution provider for Global & Domestic markets.
We believe this is a
significant step towards our strategic vision of achieving a formidable
leadership position in the Home Textile Bedding business ‘globally’. Further,
with the increasing growth potential in the Indian Home Textile industry, we
believe we are market-ready to capitalize on this opportunity.”
This acquisition will catapult Indo Count to a leadership position in the Global Home Textiles Bedding segment:
- Indo Count becomes the world's largest Home Textile bedding manufacturer, with an annual capacity of 153 million meters
- Potential addition of ~ Rs.1,300 – 1,500 Crores p.a. to the topline of the Company at peak capacity
- Indo Count adds a whole new avenue of customer base which is untapped, thereby leading to a gain in global market share
- Current customers of GHCL Home Textile business will gain access to ICIL's full product portfolio consisting of fashion, utility, and institutional bedding
- Increase market share by enhancing capacity utilization, creating synergies, and expanding product range offerings
- The customer-centric approach will enable ICIL to be more flexible and strengthen customer service levels resulting in a strong Global Supplier and Brand in the Home Textile Industry
About Indo Count Industries Ltd.
Indo Count Industries Ltd (ICIL), is one of India’s largest Home Textile manufacturer. Mr. Anil Kumar Jain, Executive Chairman, has been ranked 10th amongst the India’s Best Top 100 CEO’s 2017 by Business Today. Under his leadership, the Company has achieved new milestones in the home textile business and has built significant presence across globe. Over the years, the Company has successfully carved out a niche for itself and has become a total bedding resource.
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