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Chandigarh firms innovate to tackle crisis

Read more on:    Grant Thornton | Paras Arora
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Chandigarh-based companies are finding innovative ways to tackle the ongoing recession.

Accounting and consulting firm is working with 15 regional firms and said credit crisis had been the foremost issue for companies.

Companies are divesting their noncore businesses to generate cash flow, said , director, Grant Thornton.

For example, a city-based steel company which earlier had diversified into real estate is looking to offload its realty business and plough back the cash in its core business.

Similarly, a textile firm in the region with interest in yarn and knitwear manufacturing, is planning to divest one of its manufacturing units located in Europe and utilise the money to fund core operations of the company.

Some of the companies are also looking to raise money through external commercial borrowings and high networth individuals (HNI) besides through offloading equity.

Cashing in on the downturn, region-based companies are also looking for overseas acquisitions that could bring synergies to their existing business.

Panchkula-based Drish Shoes recently acquired two footwear brands in Europe. AR Singh of Drish Shoes said the downturn provided attractive valuations.

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