How Arvind Mills Plans to Cut its Debt Burden ?
Monday, July 14, 2008Apparel major Arvind Ltd has come up with a four-point plan in order to reduce its mounting debt burden. The total debt of the company stood at Rs 1172 crore as on March 31 2007.
As per the plan, along with concentrating on more profitable fabrics and apparel business, the company will also focus on retail business and popular brands. The company also plans to unlock value in non strategic assets and use cash flows to de-leverage the balance sheet.
The company expects to get the shareholders' approval for the plan at the upcoming annual general meeting to be held on July 31. Arvind ventured in to production of denim in 1987 and became the world’s largest producer by 1998. However, as a change in strategy, the company is now looking to reduce its capacity of denim production and concentrate more on retail segment. The company has been undergoing restructuring since 2003.
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