Mandhana Industries (MIL), leading manufacturer of textile and garments announced today the demerger of its retail business into an independent entity, namely Mandhana Retail Ventures (MRVL).

The board of directors of MIL, taking into consideration the recommendations made by the audit committee, SSPA & Co., chartered accountants, the valuer and fairness report of 'Emkay Global Financial Services', category I registered Merchant Banker, approved the demerger of retail business into an independent entity, namely, MRVL.

Manish Mandhana, joint managing director, Mandhana Industries, said, ''The demerger is a decision cohesively taken by the board in order to align the focus of Mandhana Retail Ventures to the retail business. Given the success of Being Human clothing brand, we are now looking forward to increasing the portfolio of brands and new retail concepts that the company would introduce considering the robust growth in consumerism in our country especially amongst the youth which is the key driver of our economy.''

Shares of the company declined Rs 2.85, or 0.95%, to settle at Rs 296.90. The total volume of shares traded was 18,057 at the BSE (Monday).