Mumbai: Kitchen sink manufacturer Acrysil on Monday said it has acquired a 74 per cent stake in UK-based Homestyle Products for Rs 20.50 crore.
Mumbai: Kitchen sink manufacturer Acrysil on Monday said it has acquired a 74 per cent stake in UK-based Homestyle Products for Rs 20.50 crore.
The company's overseas subsidiary Acrysil UK Ltd acquired the 74 per cent in kitchen sink distribution company Homestyle Products for Rs 20.50 crore, a release issued here said.
The investment, which will be funded through internal accruals, marks the entry of Acrysil into the premium UK market for kitchen sinks and accessories, it said.
As per the agreement, the company can acquire the remaining 26 per cent over a period of three years.
"The acquisition will give a tremendous boost to Acrysil's business on account of the multiple opportunities that it opens up for the company," it said.
Acrysil exports products to more than 35 countries including the US, France, Germany, Russia and countries in the Far East and Middle East. In FY14, exports accounted for nearly 74 per cent of its turnover.
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