In an effort of becoming the biggest sourcing company in home textiles and accessories within two years, newly-incorporated GHCL Global Sourcing has set a target of conducting business worth $1 billion (Rs 4,000 crore) in financial year 2008-09.
Set up as a 100 per cent subsidiary of GHCL, the company incorporates its parent's sourcing activities under one roof.
"We have just started operations for GHCL Global Sourcing, which will cater to our overseas and Indian retail chains. To attract better clientele we will be renaming the company," said Sanjay Dalmia, chairman of GHCL.
The incorporation of GHCL Global Sourcing, Dalmia feels, would result in tremendous savings in procurement as well as logistics costs for its front-end companies in the US such as Dan River, Best
Textiles and HW Baker, which cater to direct business segments such as retailers, speciality stores, hospitals and hotels.
Recently, GHCL had announced that its subsidiary Rosebys will be listed on the Indian bourses. Similarly, the company is open to listing the sourcing subsidiary "at an appropriate time".
To begin with, GHCL Global Sourcing will supply merchandise to Rosebys, even as the company expects fresh orders early next quarter.
"We are already on the lookout for new customers and will begin talks with other retail chains in home textiles for sourcing merchandise," Dalmia said.
GHCL has manufacturing facilities in India, Cambodia and Mexico and over a period of time has built up a strong global sourcing competence in India, Pakistan and China.
The company acquired three firms in US namely, Dan River, Best Textiles and HW Baker apart from retail giant Rosebys in the UK.
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