The company is in search of retail chains in the Europe and the US to expand its businesses and, thereby, reach out to consumers more efficiently.
Sanjay Dalmia, chairman, said, "We are open to expansion in parts of Europe and US through acquisitions. More specifically we want to gain hold in the UK by taking on 40 to 50 percent of retail market in next one year. This will also help us to eliminate the middle men and sell directly to the customers".
GHCL has specific units listed out for acquisition in Europe and UK. But declined to disclose further information as they are still in the process of finalising matters.
The company had entered into an MoU last month to acquire UK's largest home textile retailer Roseby for around Rs 185 crore (Rs 1.85 billion). "The acquisition is nearing completion and by the end of this month it will be complete," Dalmia said.
Roseby is having a 7 per cent ($200 mn) share in the $3 billion UK market, he added. Roseby provides beddings, curtains and kid garments with 300 retail outlets and 2000 employees.
GHCL had earlier acquired Dan River, a leading player in the US textile markets with a turnover of $250 million in home textiles.
The company is fully integrating its business processes from spinning to retail. "This will be an addition to the global value chain as manufacture and distribution is one part and retailing to consumer the vital part," he said.
GHCL Vapi unit in Gujarat set up with Rs 230 crore (Rs 2.3 billion) has started its production in March end and has stabilised its production, Dalmia added.
