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Mandhana Industries in process of signing new contract with Being Human

YarnsandFibers News Bureau 2016-06-22 17:00:00 – Mumbai

Mandhana Industries a multi divisional textile company spread over multiple geographical locations after receiving several queries with respect to its business operations, demerger of retail business, continuity of Being Human Business and the like in recent days has clarified that there is no disruption to its normal, ongoing business.

The company has already received the approval to its scheme of demerger of the retail business from the High Court vide order dated 29 March 2016 and pursuant to the order, the company is in the process of demerging its current retail business into the resulting company, Mandhana Retail Ventures Limited. All current and future retail businesses of Mandhana Industries Ltd will henceforth be carried out in Mandhana Retail Ventures.

Subsequent to approval to the scheme, Mandhana Retail Ventures Limited is in the process of signing a new contract with the Being Human - The Salman Khan Foundation, the specifics of which are under negotiation with them. The company further clarified that the retail business of Being Human continues to do extremely well and plans are in place to ensure robust growth in the business, going forward.

Textile company Mandhana Industries is associated with Salman Khan's NGO 'Being Human'. It has an exclusive licence agreement with Being Human - the Salman Khan Foundation - for designing, marketing and distributing Being Human clothing products.

Mandhana engages in manufacturing of textiles and garments with state-of-the-art infrastructure. It’s scope of business includes designing, yarn dyeing, weaving, processing, printing and garment manufacturing.

Net profit of Mandhana Industries rose 3.8% to Rs 15.93 crore on 5.9% rise in net sales to Rs 472.27 crore in Q4 March 2016 over Q4 March 2015. The small-cap company has equity capital of Rs 33.12 crore. Face value per share is Rs 10.

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