| Norcros Unloads Stake in H&R Johnson India |
14 July 2008 |
Norcros Plc, the home consumer products group, has sold its 18.51% interest in H&R Johnson (India) Ltd for a consideration of £3.7 million, net of costs and taxes (£4.1 million gross). The purchaser is HRJ India by means of a share buyback programme.
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| Hofmann Group Now Part of IFGL Refractories |
14 July 2008 |
IFGL Refractories (Kolkata, India) has successfully completed the acquisition of Hofmann Group of Companies. An SPV by the name of IFGL GmbH, a 100% subsidiary of Monocon International Refractories Ltd (UK based) has been formed which acquired a 96.16% shareholding of Hofmann Ceramics GmbH and a 100% of partnership interest of Hofmann OHG, Germany. Along with these, it also acquired a 92% shareholding of Hofmann Ceramics, Czech Republic and a 100% shareholding in Hofmann Ceramics LLC USA and Hofmann Ceramic Ltd, UK.
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| CUMI to Acquire Majority Holding in Foskor Zirconia |
3 July 2008 |
Carborundum Universal Ltd (CUMI), a Murugappa Group company, has entered into an agreement with Foskor (Pty) Ltd of South Africa to acquire a 51% equity stake in Foskor Zirconia (Pt) Ltd, Phalaborwa, South Africa (FZL), for an undisclosed sum.
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| Ceramic Industry Executive is New President of Gujarat Chamber |
27 June 2008 |
The new President and other office bearers of the Gujarat Chamber of Commerce & Industry (GCCI) for the year 2008-2009 were formally installed in their new positions at an impressive function at GCCI on 27 June in the presence of a very large gathering of representatives of trade and commerce from all over Gujarat. Gujarat Chief Minister, Shri Narendrabhai Modi presented a bouquet of flowers to the new President Shri Rupesh Shah, the Senior Vice President Shri Samir Patel and Vice President Shri Biren Parikh and formally installed them as new office bearers.
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| Massive Marketing Thrust Announced by Nitco Tiles |
14 June 2008 |
The Mumbai tile manufacturer Nitco Tiles will open around 200 outlets across India in the next two years, according to CEO Kalyan Paul. The outlets will be set up on an area of 3,000 sq ft and the company apparently intends spending around Rs 1,380 per sq ft while the dealer would spend Rs 1,250 per sq ft.
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| IFGL Acquires Hofmann Ceramic of Germany |
12 June 2008 |
IFGL Refractories Ltd (Sundergarh, Orissa and Kolkata) has entered into an in-principle agreement for the purchase of 96.16% of the share capital of Hofmann Ceramic GmbH (Breitscheid, Hessen, Germany) – to include the subsidiaries, namely Hofmann Ceramic CZ, Czech Republic and Hofmann Ceramics Ltd, UK – and 100% of the Capital contribution of Hofmann OHG, Germany. These purchases will be effected by IFGL's step-down subsidiary, Monocon International Refractories Ltd in the UK.
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| Further Investment in India by Japan’s TOTO |
5 June 2008 |
| Local media reports that the major Japanese sanitaryware and bathroom fittings leader TOTO Ltd is going to set up six showrooms across India during this fiscal year. Three will be set up in the eastern region in association with Multiwyn Lifestyle Pvt Ltd. TOTO has seven showrooms in India already. |
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