In the second major acquisition by an Indian textile company in the UK market in the last fortnight, Welspun India Ltd has picked up 85% interest in CHT Holdings Ltd, the holding company of the UK’s leading towel brand Christy for Rs 132 crore.‘‘We will gain access to the premium, high-end Christy brand as also to the UK and European markets. This deal will also allow us to gain access to all leading retail stores in the UK for Welspun’s product range including towels, bed linen and other home products,’’ Welspun Group’s vice-chairman and MD B. K. Goenka said.The overall enterprise value of Christy is Rs 132-crore and Welspun will be paying Rs 100-crore initially. Bank of India, which is funding the deal, will pay Rs 60-crore while the remaining Rs 40 crore will be funded through the company’s internal accruals.
