Faze Three buys 76% in European company

New Delhi, Nov 13 (UNI) Faze Three Ltd today said it has acquired a 76 per cent stake in Europe-based bathmats manufacturing firm Pana Textil GmbH (Pana) for 5.8 million euros.

With this acquisition, the company will have complete access to the manufacturing facilities of Pana which are strategically located in Germany and Hungary, a statement said.

This will also enable the company to increase its footprint in the highly quality conscious European market.

The company is confident of achieving a 50 per cent growth, the statement added.

UNI