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Kajaria Acquires 51 % Stake in Vennar
Kajaria Ceramics Ltd. approved the acquisition of 51 % stake in Vennar Ceramics Ltd. by way of subscribing to fresh equity share capital for a sum not exceeding IND 136,5 million.
Upon acquisition of shares and completion of other formalities, Vennar Ceramics will become the subsidiary of the company. Vennar is an advanced stage of putting up a plant to manufacture 2,30 Mm2/a of high end ceramic wall tiles, the addition of which would take the total annual capacity of the company to 38,30 Mm2 (including 10 Mm2 capacity of subsidiaries). This is the first acquisition by Kajaria in South India. Vennar is putt-ing up a brand new plant which would start commercial production in June 2012. This will help Kajaria to cater to the southern markets from this plant enabling the company to reduce the transit time for the delivery of goods and savings in transportation cost.
