Ceramic tiles and sanitaryware manufacturer, Euro Ceramics Ltd is planning to invest around Rs 100 crore for expansion of its Kutch facility.
The company has informed BSE that a meeting of the Board of Directors will be held on October 15, 2009, inter alia, to raise the funds by way of issue of appropriate securities for the same.
Talking about the company plans, Nenshi Shah, chairman and managing director of Euro Ceramics Ltd. said, "We are going to hold a board meeting to finalise our expansion plans. We intend to raise the capacity of either of the products at our Kutch plant. For the capacity expansion, we are planning to invest close to Rs 100 crore."
Euro Ceramics, which had ventured into vitrified tiles couple of years ago, now offers products in ceramic tiles, sanitaryware and aluminium as well.
The plans for expansion comes in the wake of Indian Council of Ceramic Tiles and Sanitaryware (ICCTAS)'s statement that the situation among tile companies has improved, after industry players cut production by 40 per cent between September last year and April this year.
For the financial year 2008-09, Euro Ceramics pegged a turnover of over Rs 260 crore.
