Karratha Furniture sells off for Rs 12 crore after falling in value
KARRATHA: Karrathas Furniture has sold off the assets of its Indian arm and will sell its assets for a whopping Rs 12.5 crore to a firm which is planning to open a wholesale store in the state.
The company is selling the assets at auction in October.
The company, which owns a string of malls in Kerala, said the sale was due to the increasing demand for its furniture and other products.
The sale will be held on October 1.
The sale of the business will give the Karrathi family a cash infusion of Rs 12 lakh.
The assets are worth Rs 1.25 crore.
Karrathah’s founder and chairman, K.S. Ramachandran, said he sold the business for a sum of Rs 15 crore to the company.
The Karratas family, which also owns a large textile and jewellery business, is planning on opening a wholesale shop in the town in the next two years.