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| Prism Cement acquires remaining stake in Milano Bathrooms Fittings |
| Announcement / Corporate Jun 28, 2010, 19:35 IST |
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Prism Cement Limited today announced acquiring the remaining 50% stake in Milano Bathroom Fittings Pvt. Limited (MBF). Post acquisition, this company becomes a wholly owned subsidiary of Prism Cement Limited and will continue to be managed through its H & R Johnson (India) Division.
Erstwhile H. & R. Johnson (India) Limited had acquired a 50% stake in MBF in 2006. MBF has a manufacturing plant in Baddi, Himachal Pradesh. The plant manufactures bathroom fittings and presently has a capacity of 3 lac pieces per annum. Prism plans to increase the manufacturing capacity of this plant to 6 lac pieces per annum.
Commenting on this development Mr Vijay Aggarwal, Managing Director, Prism Cement Limited, said, 'Our Bath Division has been growing at a very healthy rate and our products have been well-accepted by the market. We are now in the process of scaling-up the Division aggressively. 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’
About Prism Cement Limited
Prism Cement Limited is India’s largest integrated Building Materials Company; with a wide range from cement, ready-mixed concrete, tiles, bath products to kitchens. The company has three Divisions, viz. Prism Cement, H & R Johnson (India), and RMC Readymix (India). Prism Cement Limited also has a 74% stake in Raheja QBE General Insurance Company Limited, a JV with QBE Group of Australia. For the year ended March 31, 2010, the Company’s consolidated sales turnover was Rs. 3,027 crores.
H & R Johnson (India) Division
Established in the year of 1958, H & R Johnson (India) is the undisputed market leader in the tile industry since last 50 years across various product categories. Today, it enjoys the recognition of being the only entity to offer end-to-end solutions of Tiles, Bath products and Kitchens. During the year-ending March 31, 2010 the Division’s revenues touched Rs. 1187 crores.
The Bath products of the Division comprise a wide range from sanitaryware, taps and bathroom fittings, shower panels, to various bathroom accessories. The Division has over 500 dealers across the country for its bath products.
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