Rajan Raheja group firm Prism Cement today said it has acquired the remaining 50 per cent stake in Milano Bathroom Fittings (MBF) for an undisclosed sum.
"Post acquisition, MBF becomes a wholly-owned subsidiary of Prism Cement and will continue to be managed through H and R Johnson (India) division," it said in a release.
H&R Johnson (India), the tiles division of Prism Cement, had acquired a 50 per cent stake in MBF in 2006. MBF has a manufacturing plant at Baddi in Himachal Pradesh.
The Baddi plant manufactures bathroom fittings and has a capacity of 3 lakh pieces per annum.
"Our bath division has been growing at a healthy rate and the products have been well-accepted by the market. We are now in the process of scaling-up the division aggressively," Prism Cement Managing Director Vijay Aggarwal said.
"Expanding the capacity of MBF is one of the strategic initiatives, we are undertaking during the current year to meet the growing demand for our bath products," he added.
