Richa Industries clarifies on news item

Written By Unknown on Selasa, 12 Agustus 2014 | 16.03

Richa Industries Ltd has Clarified on the news item appearing in a leading financial daily titled

With reference to the news item appearing in a leading financial daily titled "Richa Ind in talks with PEs to sell textile biz",Richa Industries Ltd has Clarified to BSE as under:"1. While we confirm that we have given a mandate to M/s. Destimoney Securities Private Limited Dated April 23, 2014 to explore possibilities of finding a Strategic Partner for our Textile operations, however, at the same time we would like to inform the Exchange that there have been no concrete developments in this direction so far.2. We are not aware of any information which could explain the aforesaid movement in the trading.Given the nature of Richa's business, sector dynamics and also in order to develop business vertically, the Company is exploring various types of business associations, tie-ups, relationships etc. with various business houses domestic as well as international, which may or may not materialize.Should there be any material development that requires us by law to make any formal statement in any manner in connection with any such activity that may transpire, the Company will comply, share and make the announcement at the appropriate time in line with the best practices disclosure guidelines."Source : BSE

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