Chemicals major GHCL has completely divested its home textiles business and transferred it to Indo Count Industries for Rs 608.30 crore. The US subsidiary of GHFC, Grace Home Fashions (GHF) has also completed the sale of specified assets (inventory and intellectual property) to Indo Count Global Inc in accordance with the terms of Assets Transfer Agreement (ATA)

The transaction was completed for a total lumpsum consideration of Rs 558.60 crore, subject to validation of customary closing date adjustment of working capital in terms of the agreement. On December 6, 2021, leading soda ash manufacturer GHCL had entered an agreement with Indo Count Industries for divestment of home textiles business on a slump sale basis to Indo Count Industries.

The company also obtained the required approval for the sale from its shareholders, through Postal Ballot dated January 21, 2022.