India’s National Company Law Tribunal (NCLT) last week approved the proposal to separate the branded apparel and engineering businesses of Arvind Limited into Arvind Fashions and Anveshan Heavy Engineering. Expected to be separately listed on the stock exchanges in early January, the demerger is likely to be effective during the 3rd or 4th week of November.
The approval was announced by Arvind in a recent regulatory filing, according to Indian media reports.India's National Company Law Tribunal (NCLT) last week approved the proposal to separate the branded apparel and engineering businesses of Arvind Limited into Arvind Fashions and Anveshan Heavy Engineering. Expected to be separately listed on the stock exchanges in early January, the demerger is likely to be effective during the 3rd or 4th week of November.#
In the 2018-19 first quarter results announcement in August, the company registered a 75 per cent growth in earnings before interest, tax, depreciation and amortization (EBITDA) for branded apparel business, with revenue growth of 13 per cent.
The company brand portfolio includes Arrow, US Polo Association, Flying Machine and Tommy Hilfiger. (DS)
ALCHEMPro News Desk – India
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