The Hindu Business Line : Somany Ceramics forms jt venture with Spanish co

New Delhi June 22 Tile manufacturer Somany Ceramics has formed a 50:50 a joint venture with Keraben Ltd of Spain to form Somany Keraben Pvt Ltd to market `Synergy' brand of tiles in India.

The joint venture company will initially purchase and import tiles from the seven manufacturing plants of Keraben in Spain. Later, it will purchase from the manufacturing plants of Somany Ceramics that are being expanded to meet the requirements of the new company.

"The product of the new company will bridge the gap between prices of high-end Indian offering and the price of imported tiles available in the country," said Mr Abhishek Somany, Joint Managing Director, Somany Ceramics Ltd.

Investment

The Indian and Spanish partners have invested Rs 5 crore each in the venture and expect sales of Rs 50 crore in the next two years.

The product would be made available through distributors across the country.

The new company also plans to export the products to the neighbouring countries.

Somany Ceramics has two production plants in the country with a capacity of 55,000 sq.m per day.

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