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| Exchange Disseminated Time | Prism Cement Ltd has informed BSE regarding a Press Release dated November 22, 2011 titled "H & R Johnson (India) acquires 50% stake in Small Tiles Private Ltd."
Press Release:
"H& R Johnson (India), a division of Prism Cement Limited and the world's 7th largest tile company has entered into a joint venture with "Small Tiles Private Ltd", a manufacturer of ceramic glazed floor tiles.
With this venture, H&R Johnson (India) has acquired a 50 per cent stake in "Small Tiles Private Ltd".
According to the joint venture, "Small Tiles Pvt. Ltd." will manufacture and supply tiles to H&R Johnson (India). These tiles would primarily be focused in the Northern, Central, Eastern regions of India and the overseas market.
Mr. Vijay Aggarwal, Managing Director, Prism Cement Limited, said, "We are very happy and look forward to this new association. Joint Ventures have played an instrumental role in our growth and we already have four tile joint ventures running successfully over the past few years. This would be the fifth tile joint venture and "Small Tile Pvt. Ltd." will now be supplying glazed floor tiles to us. Floor tiles have been growing at a healthy rate in India and this joint venture would enable us to cater to the growing demand".
The plant capacity of Small Tiles Private Ltd. is approx. 2.3 million m2 per annum. The plant has capability to manufacture floor tiles of 12" x 12", 16" x 16", and 24" x 24". |
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