GHCL buys UK146;s largest textiles retailer

In the first major cross-border deal in the retail sector, Dalmia group company Gujarat Heavy Chemicals Ltd GHCL will acquire UK8217;s largest home textiles retailer Rosebys for 40 million Rs 184 crore.

With this acquisition, the company is set to become a fully-integrated home textiles company holding operations from spinning and weaving to front end retail. The company is planning to complete the acquisition process by 2008 and will fund the equity cost of acquisition through resources raised from various domestic and foreign institutions in the recent past.

8216;8216;This acquisition provides us with an ideal opportunity to leverage Rosebys8217;s established platform across the EU markets and a renowned global brand in order to make GHCL one of the dominant player in the home textile space globally,8217;8217; GHCL chairman Sanjay Dalmia said while commenting on the acquisition.

The UK-based Rosebys has a strong presence in bedding, curtains and children8217;s8217; garments with over 300 retail outlets across UK and an annual turnover of close to 250 million.