Enters into Memorandum of Understanding

Nitco Ltd has informed BSE that the Company has entered into a Memorandum of Understanding for acquiring 51% of equity shares in New Vardhman Vitrified Private Limited (the Target Company) having its registered office at Plot No.2/52, Rupal, Industrial Area, Opp. Manahar Dying, Damroli Road, Surat, Gujarat and factory at Village Waghasiya, Taluka Wankaner, Morbi, District - Rajkot, Gujarat. The Target Company is setting up a tile plant with a capacity to manufacture 4.95 million square meter (approx.) per annum of Vitrified Tiles and 3.75 million square meter (approx.) per annum of Wall Tiles and the production is expected to commence within six months.

Source : BSE - >www.bseindia.com

Published on March 20, 2012
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