Rajan Raheja group firm Prism Cement Ltd on Monday said it has acquired the remaining 50% stake in Milano Bathroom Fittings (MBF) for an undisclosed sum.
"Post acquisition, MBF becomes a wholly-owned subsidiary of Prism Cement and will continue to be managed through H and R Johnson (India) division," it said in a release.
H&R Johnson (India), the tiles division of Prism Cement, had acquired a 50% stake in MBF in 2006. MBF has a manufacturing plant at Baddi in Himachal Pradesh. The Baddi plant manufactures bathroom fittings and has a capacity of 3 lakh pieces per annum.
"Our bath division has been growing at a healthy rate and the products have been well-accepted by the market. We are now in the process of scaling-up the division aggressively," Prism Cement managing director Vijay Aggarwal said.
On Monday, Prism Cement shares closed 2% higher at Rs57.3 on the Bombay Stock Exchange, while the benchmark Sensex ended 1.1% up at 17774 points.
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