Indo Count is set to emerge as the world's largest Home Textile bedding manufacturer
MUMBAI, Apr 6 (The CONNECT) – Indo Count set to emerge as the world's largest Home Textile bedding manufacturer as it completed the acquisition of home textile business of GHCL Ltd. at Bhilad (Vapi), Gujarat in an all-cash deal of Rs. 592.8 crores.
The deal was 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.
Indo Count Executive Chairman Anil Kumar Jain expressed the confidence that this foray will successfully meet the company’s long-term aspirations and create value for global customers and all stakeholders.
“Further, with the increasing growth potential in the Indian Home Textile industry, we believe we are market-ready to capitalize on this opportunity,” he said.
The acquisition has a potential to contribute about 1,500 crores to the top line of the Company at peak capacity.
Indo Count will add a whole new avenue of customer base which is untapped, thereby leading to a gain in global market share.
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