Somany to pump in $50 mln in JV with Spain's Keraben

New Delhi, June 22 (UNI) Leading tile maker Somany Ceramics Ltd will invest 50 million dollars in its equal JV with Spain's Keraben Ltd and and is expecting revenues of 500 million dollars over the next two years.

The new company, to be called Somany Keraben Pvt Ltd, will launch ''Synergy'' brand of tiles catering to the upwardly mobile Indian consumer.

''We have floated Somany Keraben Pvt Ltd to launch this new product,'' Somany Ceramics Ltd Joint Managing Director Abhishek Somany said.

It will leverage Keraben's manufacturing facilities in Spain and other parts of the world, as also the ultra modern facilities of Somany under installation, bringing in the best through Spanish technology, Spanish glazes and designs, he said in a statment.

The products will be made available through a network of distributors across the country, as also through Somany Fine Line Stores.

For a thrust in retail segment the company has devised a ''shop in shop'' concept where the product shall be displayed at select dealer counters in major towns and cities.

The company is embarking on an extensive marketing campaign to create visibility and awareness of this new product. Synergy brand will also be exported to other neighbouring countries, the statement said.

UNI