Textiles and apparel manufacturer Mandhana Industries today announced that it is in the process of demerging its retail business into an independent entity called ‘Mandhana Retail Ventures’.
The company would file a demerger scheme with the stock exchanges and the High Court, it said in a statement, adding that after the demerger, which is subject to approval, the retail business comprising its Being Human and other brands, would be known as Mandhana Retail Ventures.
“The demerger is a decision taken by the board to align the focus of Mandhana Retail Ventures to its retail business. Given the success of the Being Human clothing brand, we are now looking forward to increase our portfolio of brands and new retail concepts which the company would introduce,” Mandhana Industries joint managing director, Mr. Manish Mandhana said in a statement.
Mandhana Industries had a turnover of Rs. 1,500 crore in FY14 and a market cap of over Rs. 900 crore.