INDIA: Grasim Gives Away Unprofitable Textiles Unit
Grasim Industries announced on Tuesday it plans to give away a loss-making textiles unit in central India to Melodeon Exports Ltd and consolidate fabric manufacturing at another site in order to improve efficiency.
Grasim, which is also a major cement producer, said in a statement that its two fabric brands - "Grasim" and "Graviera" - will now be produced in Bhiwani. It added the move will improve efficiency and ensure the textiles division's profitability.
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