Indian chemical manufacturing company GHCL Limited is looking to sell its textile arm and has appointed Motilal Oswal as the lead investment banker, according to sources.

The company has been dealing in yarn manufacturing and home textiles for a long time.

The decision comes after the textile division witnessed a dip in revenues for the past few quarters. In the last quarter, the revenue was down by 15 percent at Rs 265 crore.

Currently, GHCL has two textile units in Tamil Nadu and Gujarat.

The firm is now looking to focus on it's soda ash business and is on track with its expansion plans in the segment, said the sources.

However, when asked, the company categorically denied any such developments saying "any conjecture with regards to the future of the textiles business is speculative and any inference is hypothetical".

The company said that it has been consistently communicating with its stakeholders through announcements on material developments, in line with regulatory requirements and best disclosure practices.

First Published:Aug 27, 2018 11:57 AM IST