- Nasdaq-listed Caesarstone, the leading producer of premium quartz surface, has signed an agreement to acquire a majority stake in Gujarat-based Lioli Ceramica for about $22 million (₹160 crores), based on the achievement of certain milestones.
- Lioli has an advanced manufacturing facility in Morbi and produces mega-sized slabs The company which employs about 400 people, exports to 35 countries.
- Hitesh Deteroja, CEO, Lioli Ceramica said the deal is the first of its kind cross-border strategic transaction in the building construction materials industry post-Covid break-out and will boost the ‘Make in India program further.’
- The deal would open up the sector and help Indian manufacturers go global, expand output and boost employment, said Madhu Lunawat, co-founder, Pantomath Capital Advisors.
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