Meanwhile, there were media report that India's largest rose exporter Karuturi Global Ltd (KGL) has received an approval from the board of directors to offload its 53% stake in Mumbai-based Florista India Pvt Ltd, which operates a chain of floral designing boutiques across India.
Florista India was an unlisted subsidiary of KGL, the world's largest producer of cut roses, and disinvestment was a business strategy which had no material impact on the existing business of the company.
Founded in 2007, Florista India offers roses, orchids, gerberas and exotic flowers for anniversary, birthday, congratulations, get well, love and affection, miss you, and new baby occasions.
Banglore-based Karuturi Global had acquired a 54% equity stake in Florista, which specialises in designing exquisite flower arrangements and decorations made from exotic flowers imported from across the world, for an undisclosed amount in December 2010.
KGL posted a net profit of Rs.10.31 crore in December 2014 quarter, an increase of 31.34%, as against Rs.7.85 crore during the previous quarter ended December 2013. Sales of the company, however, declined 61.3% to Rs.56.98 crore in the quarter from Rs.147.31 crore during the year-ago period.