Aditya Birla Nuvo transfers Contract Export Business of the Company to Madura Garments

Aditya Birla Nuvo Ltd has announced that that pursuant to the resolution passed by the shareholders of the Company through Postal Ballot, the Contract Export Business of Garments Division of the Company, has been transferred to the Company’s wholly, owned subsidiary viz., Madura Garments Export Ltd which also houses garments factories for contract export business.

However, the branded garments business will continue to operate as Madura Garments, a division of the Company.

The above transfer will facilitate & motivate both the entities namely, Madura Garments Division of the Company and Madura Garments Export Ltd to focus on their respective core areas ´branded garments´ and contract garment exports’ and enable them to grow faster.

Source : Equity Bulls

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