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.
Along with the merger of Shasun Pharmaceutical with itself, Strides Arcolab also announced the induction of a strategic partner in its greenfield biotech project, Stelis Biopharma. As per the deal GMS Holding will pick up 25.1%s stake in the biotech arm infusing $8.5Mn.
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