Somany Ceramics Ltd, the Indian ceramics tile major, has announced the acquisition of 26% strategic equity stake in Vintage Tiles Pvt Ltd (VTPL), a Gujarat based tiles manufacturing company. Consequent upon this deal, Somany Ceramics Ltd shall have 100% access to VTPL’s manufacturing capacity of 2.75 mn sq mt p.a of polished vitrified tiles.
Abhishek Somany, JMD, Somany Ceramics Ltd said, “This strategic investment presents a lot of opportunity for Somany in the current landscape of the Indian ceramic tile industry. This move is a strategic step towards realising Somany’s growth vision. We are looking at an additional annualised revenue of about Rs 70 to 80 crore from the acquired plant. With this move we build on our competency of being able to provide a quality product offering to our customers at a competitive price. Partnering with Vintage Tiles is the start to many more such robust relationships.”