Grasim sets up new subsidiary

Mumbai: Grasim Industries Ltd of the Kumar Mangalam Birla group announced the incorporation of the new subsidiary Grasim Bhiwani Textiles Ltd on the BSE.

Grasim proposes to sell or transfer its textile units Bhiwani Textile Mills and Elegant Spinners at Bhiwani, Haryana, on a going concern to the new subsidiary.

“The subsidiary has been created with the purpose to bring in more focus on this particular area. Bhiwani Textiles contributes around Rs 250 crore, which is quite negligible, of the consolidated Grasim business of Rs 14,000 crore plus. The two units are at a single location where spinning, weaving and processing are done,” said Mr D.D. Rathi, Wholetime Director.