In a bid to expand its presence in the global market, textile and chemicals company GHCL Ltd has said it will acquire UK's leading retail home textile chain, Rosebys.
At the meeting held on Sunday, the board of directors approved in principle the proposal to acquire Rosebys, which has a turnover of approximately euro115 million (Rs 6.64 billion), GHCL informed the Bombay Stock Exchange.
The two companies have entered into a memorandum of understanding, subject to completion of due diligence and other necessary formalities, the Sanjay Dalmia-controlled company said.
Rosebys has over 300 stores in UK, offering both contemporary and traditional soft furnishings for homes. The shares of GHCL Ltd were trading at Rs 109, up 0.69 per cent at the BSE.
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