Hindustan Foods Signs Term Sheet To Buy Footwear Business Of G Shoe Export
2018-03-26 Merger and Acquisitions Other Services Western India
Hindustan Foods Limited has signed a term sheet for buying movable assets and stocks in respect of the footwear manufacturing business of G Shoe Export.
G Shoe Export is the Mumbai Based entity which is doing footwear manufacturing for last four decades for both Global and Indian Clients with the entire product range of leather and Fashion footwear for men, women and Kids.
The takeover is in line of the company's long-term goals and it will further strengthen the existing footwear manufacturing business of the company which was started last year by acquiring movable assets and stocks from Ponds Export Limited, a HUL Subsidiary. This acquisition will result in synergies from current operations and open up new markets and products for the company. In addition, the company will also acquire G Shoe Export's domestic brand called ESTO 1977 which will complement UN. OR, the company's own brand which was launched a few months ago.The entire process of statutory. legal and licensing will require approx. 3 month to close and the parties will sign an agreement in the future course