NBFC diversifies into dry-cleaning

New Delhi, Feb 22: A well-known non-banking finance company is now hoping to clean up its balance sheet by washing people8217;s dirty linen, that too with foreign expertise. Hard to believe, but Capital Trust Ltd is diversifying into dry-cleaning and laundry business.

The NBFC8217;s proposal to the FIPB to enter into a collaboration with Pageco International Inc. of Canada to set up a dry-cleaning and laundry company was cleared recently. Pageco will pick up a majority 74 per cent equity stake in the proposed company and the balance 26 per cent stake will be held by Capital Trust.