The board has decided to demerge the Branded Apparel and the Engineering businesses (Anup Engineering) from Arvind Limited and list them as independent companies. Both these businesses have promising market opportunities, and have shown consistent performance over last few years. . It will also enable both the companies to attract specialized capital, and sharpen leadership focus on building value for their respective stakeholders. These demergers will also enable us to retain the cash-flows generated by the textiles business within Arvind Limited.