Liberty shoes look at HLL leather

16 May 2004

Liberty Shoes Ltd, the Haryana-based footwear major, are seriously considering acquiring the leather business of Hindustan Lever Ltd (HLL). The idea was mooted after HLL announced recently that they wish to exit the leather business, which they consider a non-core area of operations. The attraction to Liberty Shoes is that HLL leather business has been mostly focused on export markets, where Liberty have a sizeable presence. Liberty Shoes have reported their interest to the stock exchanges saying that they wished to increase their presence in overseas markets and to strengthen their core competence in the footwear industry. 'We feel that it would be in the long-term interest of the company and also of the shareholders if the opportunity of acquisition of the business be explored. The company is, therefore, exploring these possibilities and looking out for the requisite details.' Source: The Hindu Business Line

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