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Gita Piramal sells office furniture business to US company

by:GOJO     2020-06-09
Mumbai: Gita Piramal, a commercial historian, sold its 95% stake in BP Ergo to HNI, the world\'s second-largest maker of office furniture.
Piramal, 58, inherited the brand furniture business seven years ago as part of a family placement.
Piramal is selling her entire stake in BP Ergo, worth Rs 200, a person familiar with the matter said.
BP Ergo was originally a unit of Dilip Piramal-
But it was later canceled.
After honeycomb left the listed parent company, public shareholders continued to hold a 5% stake in BP Ergo.
\"Selling to HNI will allow me to engage in the writing and research career of business historians,\" Piramal said . \".
The deal could be India\'s first foreign investment in office furniture manufacturing.
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