Somany Ceramics expects Vintage Tiles to contribute around Rs 70-80 crore revenues annually.
Abhishek Somany, joint managing director speaking to CNBC-TV18 about the deal said, the company has acquired 26% stake in Vintage Tiles at a value of Rs 5.5 crore. "We would start production sometime end of November," he added. Outlining the company's inorganic growth plans, Somany said that the company is open to any other similar acquisitions/partnerships like that of Vintage in around India for enhancing capacity of both nano polished vitrified tiles and ceramic tiles. Below is the edited transcript of Somany's interview with CNBC-TV18. Also watch the accompanying video. Q: You entered into a MoU to acquire a 26% stake in Vintage Tiles. Could you tell us how much by way of cash have you laid out for this acquisition? Once it comes through what would be the revenue increment to the companyDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!