Welspun India acquires a majority stake in CHT Holdings Ltd.

Welspun India Ltd. has announced that they are acquiring a 85 per cent stake in CHT Holdings Ltd. CHT is based in UK and are mostly known for their U.K.’s leading towel brand, Christy.

The deal took place with a consideration of Rs. 125 crore and the enterprise value is pegged at Rs 132 crore.

The rest of the stake in the company would continue to be owned by the current Christy management team. They would now be operating Christy on a stand-alone basis with the exception of Rajesh Mandawewala who is now the Chairman of Christy on the Welspun board.

Christy also now becomes a subsidiary of Welspun and all current employees will continue with the same terms and conditions of employment.

Christy is most well known for the world famous Wimbledon Championship tennis towel. It also has working relationships with well-known brands including Marks & Spencer, John Lewis, House of Fraser, Selfridges and Debenhams.