Forbes Gokak revamp?

Forbes Gokak whose history dates back to 1715 when it set up a textile mill in Gokak in the Belgaum district of Karnataka is due for a revamp, states the Hindustan Times of November 21, 2006. The company owned by the Shapoorji Pallonji group and whose range of activities vary from consumer durables to textiles may demerge businesses, relocate plants and divest itself of unviable operations, stated the report. The purpose of revamp is to unlock "hidden value for investors and will be done through a series of steps spread over a period of one year,” states the report. The board of the Rs 625 crore company announced the reconstructing on November 27, notes the The Economic Times of December 6, 2006.

The ET reports states, "Forbes is investing in capacity to expand the textile business. Further investments are being made to make more value-added products and also set up capacity to make knit fabrics to garment makers.”

"Shapoor Mistry, (son of Pallonji Mistry and) the chairman of Forbes Gokak, is also putting in place a new management team. Ashok Barat, an executive of Heinz India formerly, has joined as the COO of the company,” says the write up.