Arvind Ltd has announced that the board of directors of the company has amended the composite scheme of arrangement among Arvind Ltd, Arvind Lifestyle Brands Ltd and Arvind Retail Ltd which was previously approved by it in its meeting held on November 28, 2008.
In a latest disclosure to Bombay Stock Exchange, the company said, “With a view to expedite the court process for approval of the scheme, the board of directors has amended the proposed scheme so as to include only de-merger and transfer of Brands Business Division to Arvind Lifestyle Brands Ltd and Retail Business Division to Arvind Retail Ltd, wholly owned subsidiaries of the company.”
The company announced in November, 2008 that its branded apparel business which markets apparels and accessories under the brands –Arrow, Flying Machine, Newport and Excalibur will be demerged into Arvind Lifestyle Brands Ltd. Earlier the company planned its retail business under the Megamart, operating about 150 stores across India along with the license for value brand – Cherokee, to be demerged into Arvind Retail Ltd.
— IndiaRetailing Bureau