Mumbai-based glassware company Borosil Glass Works has expanded its product range and is focusing on capturing food storage market for growth.
“We have increased our product range substantially and food storage is an area that we have been focusing on,” Shreevar Kheruka, managing director and CEO of Borosil Glass Works told CNBC-TV18 on Thursday.
Talking about demerger, Kheruka said, “We are doing a scheme of merger and demerger and this is likely to take about 12 months for the whole scheme to play out because a lot of it is beyond our control in terms of timeline.”
“We expect that probably towards the first quarter of next year the scheme will play out and at the end of the scheme we will have two listed companies which are completely independent of each other meaning no crossholding and very limited related party transactions and the consumer scientific business will be in one company and solar glass business will be in a separate company,” he added.
He further said that both the companies (Borosil Glass Works and Gujarat Borosil) are already listed but there is some level of crossholding among them, so in 12 months there will be a de-linkage of the crossholding.