Somany Group Sells Part Stake In Flagship

SPL is the new venture of Somany Pilkington Ltd after the group bought 20 per cent stake from the UK-based Pilkington Tiles.

Prior to that, it owned 36 per cent stake in the company.

After the nine per cent sell out, the group's stake in the company would stand at 47 per cent. SPL has also decided to borrow around Rs 45 crore as part of a Rs 120-crore expansion.

The amount will be raised through institutional loans, said Giridhari Lal Sultania, chief executive, finance and production of the company.