Gokaldas Exports, one of India’s top garment exporters, announced on Thursday key changes to its board composition that included naming managing director Siva Ganapathi also as executive vice chairman, as the company pursues ambitious growth plans under a professionals-led management.
The Bengaluru-based listed company has scripted a major turnaround since March 2017, when Clear Wealth Consultancy bought a 39% stake in it from the Blackstone Group for Rs 58 crore, or Rs 42 per share. The US private equity firm had booked heavy losses on its 10-year investment.
Six months later, the board brought in Ganapathi, a former chief operating officer at Idea Cellular, to helm the company. Since then, the company’s revenue and workforce have doubled, and share price has jumped four times. The once debt-ridden company now sits on a cash surplus of Rs 369 crore, doing business with only overseas clients.