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[April 2009]
Orient Ceramics Scouting for JV Partner Overseas
Ceramic tile manufacturer Orient Ceramics & Industries Ltd is scouting for overseas partners to set up a new manufacturing plant in Andhra Pradesh, India with an estimated cost of up to Rs 250 crore.
The company has already purchased 40 acres of land in Andhra Pradesh for setting up the tile manufacturing plant and is currently in talks with foreign players from Italy and Spain for the joint venture.
"We have around 40 acres of land in AP, where the company would be setting up the new manufacturing plant. We are talking with overseas players for the joint venture for this," said Vijay Shankar Sharma, Orient’s Chief Financial Officer.
He did not divulge any further details, saying the company is waiting for assured gas supply for its plant before progressing further. He added that once the issue of gas is sorted out, the company expects to finalise the details within six months.
The company reported Rs 230 crore revenue in the last fiscal year and is expecting a growth of around 15 per cent this time.
It has also initiated a new format 'shop in shop' for marketing its product. Under this initiative, the company would tie up with large showroom owners for showcasing its products in the dedicated area. Also, it is planning to make 150 such arrangements across the country in the current fiscal year.
ENDS