Borosil Glass Works today said it will acquire Jaipur-based Hopewell Tableware tableware for a total Rs 27.03 crore.
The company will acquire 100 per cent shares of Hopewell Tablewar, a manufacturer and supplier of Opal Melamine & Bone China, for a total consideration of Rs 27.03 crore and covert it into its wholly-owned subsidiary.
"As a part of the company's growth strategy, it has been decided to enter into the opal dinnerware business. There are many potential synergies for Borosil in this business," the company said in a BSE filing.
The board of the company today approved to buy Hopewell Tableware, which would help to increase its turnover.
"The Board of Directors of the company at its meeting held on January 14, 2016, has approved entering into a share purchase agreement, as per which the company is to inter-alia, acquire entire equity shares of Hopewell Tableware Pvt Ltd, a closely held non listed domestic private company," Borosil informed BSE.
It further said that Borosil will infuse Rs 10.89 crore more in Hopewell Tableware.
"The acquisition will help us increase our turnover by offering more products to same customers," the company said.
"The distribution network is common and it will be possible to enhance the sales with our large network of dealers," it added.
