Last Updated : Friday, August 10, 2018 15:28:59

Cera Sanitaryware acquires 26% stake in Morbi’s Milo Tile LLP

KADI (KALOL) | AHMEDABAD | MUMBAI | RAJKOT – With an intent to get quality products for the tile segments, Cera Sanitaryware Ltd has acquired 26% stake in Morbi’s based ceramic tile manufacturing unit – Milo Tiles LLP, the company said in a regulatory filing submitted to the Exchanges in India on Thursday.

Significant terms & conditions for the projects having investment pegged at approximately 400 million (40 crore) rupees are yet to be finalized, the company filing read.

Cera Sanitary acquires 26% stake in Morbi's Milo Tiles LLP to procure quality products

Cera Sanitary acquires 26% stake in Morbi’s Milo Tiles LLP to procure quality products

Cera Sanitaryware will make investments in range of 80 million (~8 crore) to 100 million (~10 crore) rupees, to acquire 26% stake in the venture, the filing read.

Investment which is domestic (within the nation in India) in nature is not a related party transaction, neither promoters or promoter group have any interest in the entity (MILO TILE LLP.) in which the company has acquired 26% stake, the filing said.

However, investors & traders did not react positively to the development, as the stock saw an immediate sentimental flip as soon as the announcement hit the exchanges in India and continued trading in RED Zone on negative counters on Thursday on the Indian Bourses.


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