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| Exchange Disseminated Time | Somany Ceramics Ltd has informed BSE that the Company has entered into a Memorandum of Understanding (MOU) with M/s. Commander Vitrified Private Limited (CVPL) and its Promoters to acquire equity stake of 26% in CVPL at a total consideration of Rs. 325 lacs with an option to further increase the same up to 51%.
CVPL is at an advanced stage of setting up a new plant to manufacture about 2.65 million square meters of vitrified tiles (polished and glazed) per annum at Morbi (Gujarat). The plant is expected to commence production by the end of May 2012.
This strategic stake will give complete access to the Company to procure and sell the entire quantity of vitrified tiles to be manufactured by CVPL. |
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