Somany Ceramics has terminated its joint venture (JV) agreement with Keraben Grupo SA with effect from June 1.
"This has reference to our earlier communication regarding decision of the Board of Directors of the company pertaining to termination of the JV agreement entered between Keraben Grupo SA and Somany Ceramics in 2006," the tile making company said in a BSE filing.
The 50:50 JV company was not doing any operations due to unfavourable market conditions for last few years, leading to its termination with effect from June 1, it added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
