The company has signed MOU with Commander Vitrified to acquire 26% stake in the company with an option to further increase the same up to 51%.
This deal will give complete access to Somany Ceramics to procure and sell the entire quantity of vitrified tiles to be manufactured by CVPL.
CVPL is at an advanced stage of setting up a new plant to manufacture about 2.65 Mn sqmt of vitrified tiles (polished and glazed) p.a at Morbi (Gujarat). The plant is expected to commence production by the end of May 2012.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
DealCurry tracks financial and corporate markets for events, interprets and integrates the information in our platform, providing premium data, news and analytics. DealCurry provides comprehensive coverage of the capital markets through an intuitive, user-friendly interface.