HSBC has increased its stake in Nitco Tiles to around 8% by picking another 4.95% in the Mumbai-based tiles manufacturing firm for Rs 26 crore. The stake was picked up through an investment arm — HSBC Financial Services (Middle East). It already owns 2.75% in the company.
The promoters of the company, the Talwar family, controls 47.9% stake while banks, financial institutions and FIIs control over 30% in the firm.
Currently, Nitco Tiles is adding an additional capacity of 60% to take its total installed annual capacity to 6.3 million sq mt. The current market share of the company among the organised players stands at 10%. The company is also outsourcing vitrified tiles from China. Nitco has also entered the importing and distribution of cement business.
Nitco Tiles is also merging its three real estate subsidiaries Shark Properties, Nitco Realties and Motivation Properties with itself. Industry analysts said the current buoyancy in demand for ceramic tiles and the geographically-diversified marketing network of the company are likely to ensure increased sales volumes.
(Source: Economic Times)
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