The Board of Directors at India-based integrated textile and apparel company Arvind Mills Ltd. has
announced plans to spin off the company’s branded apparel business and its MegaMart retail business
into wholly owned subsidiaries, effective April 1, 2009.
“We are proposing the demerger of Brands and MegaMart business into separate wholly owned
subsidiaries to bring enhanced financial focus on these entities and look at possible alternatives
for fund raising in these vehicles at an appropriate time in future,” said Sanjay Lalbhai, chairman
and managing director, Arvind.
Arvind’s branded apparel business — a marketer of accessories and apparel under Arrow, Flying
Machine, Newport, and Excalibur brands as well as soon-to-be-launched brands including Izod, USPA,
Pierre Cardin, Sansabelt and Hart Schaffner Marx — will become Arvind Lifestyle Brands Ltd. The
MegaMart business, which operates some 150 stores across India as well as the license for the
Cherokee brand — will be spun off into Arvind Retail Ltd.
December 16, 2008