Zuari Global buys additional stake in Forte Furniture

Zuari Global on Wednesday announced that the company has acquired 13.19% shares of Forte Furniture Products India from Indian Furniture Products (IFPL), subsidiary of the company.

Zuari Global already holds 35.79% stake in Forte Furniture Products India (FFPL). With this transaction, the company has increased its stake by 13.19% in FFPL. Indian Furniture Products (FFPL) being a subsidiary of Zuari Global, the transaction falls under the related party.

The cost of acquisition is Rs 13.69 crore and the acquisition is proposed to be completed within 60 days from the date of execution. The intent of acquisition is restructuring of FFPL.

 

FFPL, incorporated in Tamil Nadu is engaged in the business of manufacturing of ready to assemble furniture. The company is a joint venture between Fabryki Mebli S.A, Poland and Zuari Global.

Shares of Zuari Global were trading 1.19% higher at Rs 144 on BSE,

Zuari Global engages in agriculture, heavy engineering, infrastructure, lifestyle, and services businesses in India

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