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Somany Ceramics Ltd. on Thursday said it would invest Rs 200 crore over the next five years in Gujarat and Karnataka for expanding capacities.
The company is also exploring to acquire a tile-making firm at Morbi in Rajkot district of Gujarat this year, a company official said.
Somany Ceramics has acquired about 50 acres of land for setting up a new plant in Karnataka. It would invest Rs 100 crore on the facility, said G G Trivedi, CEO, after launching the 80x80 glazed vitrified tiles (GVT), manufactured digitally, at the Kadi (Mehsana) unit.
Another Rs 100 crore will be invested for expanding capacities at Kadi.
The new product, priced at about Rs 50 per sq ft, is expected to double the profit margins. These large format GVT tiles would exhibit natural marble and wooden finish to the floor by reducing the number of joints, he said.
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