Nitco Acquires 51% Stake In New Vardhman Vitrified Pvt Ltd
by Charmi Gutka
Nitco Limited has acquired 51% stake in Surat based New Vardhman Vitrified Private Limited.
According to filing on BSE, New Vardhman Vitrified is setting up a tile plant with a capacity to manufacture 4.95 Mn sqmt p.a of Vitrified Tiles and 3.75 Mn sqmt p.a of Wall Tiles and the production is expected to commence within six months.
SAIF Partners, one of the early backers of BSE listed local search directory, Just Dial has sold close to 2.4% stake in the company for a total of INR254 Cr. The part exit fetches the fund, a 30x returns on its seven year old investment.