Chennai, March 20
Roca of Spain, a world leader in bathroom products, will invest about Rs 270 crore (50 million) for a 50 per cent stake in the Parryware business of E.I.D.-Parry (India) Ltd.
EID Parry had transferred the Parryware business to a wholly owned subsidiary, Parryware Glamourooms Pvt Ltd.
EID Parry's board today approved forming a 50:50 joint venture with Roca for the Parryware business.
According to a company press release, Roca will invest 50 million for its 50 per cent stake through a combination of direct subscription and acquisition from EID Parry.
This joint venture will help Parryware grow through better technology, improved manufacturing practices, better products and increased presence in international markets, according to the release.
It said Roca was the second largest company globally in the bathroom ceramics industry.
It has a commercial presence in more than 100 countries with a business volume amounting to 1.6 billion.
Together, Roca and Parryware will become the world's largest bathroom products company, the release said.
Parryware's business is estimated at Rs 200 crore. It may be recalled that EID Parry decided in October 2005 to transfer its Parryware business - bathroom products - to a subsidiary to expand the business and also bring in a foreign partner.
The transfer became effective from March 1, with the company's shareholders approving the move.