Promethean Investments buys 8.57 pc stake in Nitco Tiles

Mumbai, Oct 25 (UNI) London-based Promethean Investments has picked up 8.57 per cent stake in Nitco Tiles with its purchase of 22,25,676 equity.

Promethean Investments Founding Partner Gaurav Burman has also joined the Nitco Board of Directors as an Independent Director.

Speaking to media, Promethean Investments Founder Sir Peter Burt said, ''Nitco Tiles is a well-managed Company in a sector we like, which produces good products and has a strong market. We expect our investment to be mid to long term.'' ''We have grown at 50 per cent CAGR in the last three years.

Promethean's acquisition indicates their confidence in the Company,'' Nitco Tiles MD Vivek Talwar added.

Nitco Tiles and Promethean officials forecasted a rapid growth in the construction and infrastructure building industries to propel the Company from its second position to being the industry leader.

Nitco Tiles also presented future projects like its upcoming construction work in real-estate properties at Mumbai, Pune, Thane, Goa and Alibagh through its wholly owned subsidiary Nitco Realities.

Launched in 2005, Promethean Investments LLP is an AIM listed company. Starting operations in India in April 2007, the Company has invested in three companies in India including Nitco Tiles.

Established in 1953, Nitco Tiles is the second largest manufacturer of tiles and allied products in the country. It entered the capital market in 2006 raising Rs 168 crores through IPO. The Company has a network of direct dealers in 28 states with over 5,000 outlets.

UNI