Somany Ceramics Acquires 26% In Commander Vitrified
by Charmi Gutka
Somany Ceramics is acquiring 26% stake in Gujarat based Commander Vitrified Private Limited for R3.25Cr.
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.