+ Font Resize -

Somany Ceramics Ltd has entered into a Memorandum of Understanding (MOU) with Commander Vitrified Pvt Ltd (CVPL) and its promoters to acquire equity stake of 26% in CVPL at a total consideration of Rs 325 lakh with an option to further increase the same up to 51%. CVPL is at an advanced stage of setting up a new plant at Morbi in Gujarat to manufacture vitrified tiles (polished and glazed). The plant with a capacity to produce about 2.65 million sq. mts. tiles per annum is expected to commence production by May 2012. The strategic stake is expected to give complete access to the Somany to procure and sell the entire quantity of vitrified tiles to be manufactured by CVPL.

Printer-Friendly Version E-mail This Article