Nitco Acquires 51% Stake In New Vardhman Vitrified Pvt Ltd
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.
Founded in 1953, Nitco Limited, together with its subsidiaries, manufactures, markets, and distributes various tile products.
Elephant Capital invested in the company during July - October 2007, and as on Dec 2011 has a position of around 6%. Since its investment, Nitco raised $ 42 Mn through a QIP in November 2007, at a 17% premium to Elephant Capital’s investment price; key investors in that round included Deutsche Bank, Citigroup, Merrill Lynch and Citigroup.
It markets its products for living room, bed room, kitchen, bathroom, outdoor, and commercial applications through 1100 direct dealers and 5,500 retail outlets in India. The company has 3 factories and offices across India.
Nitco On BSE
Recently, Tile manufacturer Kajaria Ceramics Limited acquired 51% stake in Gujarat based Jaxx Vitrified Private Limited for R6.26Cr.
Last October Somany Ceramics acquired 26% stake in Vintage Tiles Private Limited; while in 2010 Orient Ceramics acquired 63% stake in Gujarat-based Bell Ceramics, while in an outbound transaction, HSIL Ltd acquired UK based bathroom ceramics maker - Barwood Products (Staffordshire) Limited in an all cash deal, through its step down subsidiary - Haas International BV.
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Pran Nath Talwar
|Nitco House,Second Compound,
Inside Municipal Aspatal Coumpound,
|New Vardhman Vitrified Private Limited|
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