Zuari Global Ltd acquires 48.98% stake in Forte Furniture Products India.
Zuari Global Limited has acquired around 48.98% shares of Forte Furniture Products India (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.
The cost of acquisition is Rs. 13,85,72,000 (Rupees).
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. The Company has turnover of Rs. 5084.23 lakhs for the period ended 31st March 2018 being first year of operations.