Thursday, Mar 28 2024 | Time 21:56 Hrs(IST)
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Business Economy


Zuari Global Ltd acquires 48.98 pc stake in Forte Furniture Products India Pvt Ltd

Mumbai, Mar 16(UNI)Zuari Global Limited has acquired around 48.98 pc (approx) shares of Forte Furniture Products India Private Limited (FFPL) from Indian Furniture Products Limited (IFPL), subsidiary of the Company.
IFPL being a subsidiary of the Company, as such the promoters also have an indirect interest in the entity acquired and IFPL being related party the transaction falls under the related party transaction, company said in a filing with BSE.
The cost of acquisition is Rs 13,85,72,000 (Rupees Thirteen Crores Eighty Five Lakhs and Seventy Two Thousand only), for 1,37,20,000 (One Crore Thirty Seven Lakhs and Twenty Thousand) equity shares of face value of Rs. 10/- each in the paid up share capital of FFPL.
FFPL was incorporated on February 1, 2017 in Chennai, India as 50:50 joint venture Company between Indian Furniture Products Limited and Fabryki Mebli "Forte" S.A., Poland with the object of doing business of manufacture and sale of furniture across India.
UNI JS SB 1403
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