Welspun acquires 76% stake in Portugal firm for Rs 60 cr

New Delhi, Dec 19 (UNI) Welspun India Ltd, a part of the 1.5 billion dollars Welspun Group, today said it has acquired 76 per cent stake in Portugal-based Sorema Tapates e Cortinas de Banho, SA (Sorema) for Rs 60 crore.

Set up in 1974, Sorema is a leading player in bath rugs and shower curtains globally with an annual turnover of Rs 57 crore in FY 07, company said in a statement.

Welspun and Sorema additionally signed an agreement for marketing of products exclusively in Spain and Portugal and on best-effort basis in other European countries.

''With this new relationship, Welspun will have facilities in India, Mexico, Portugal and in UK,'' the statement said.

UNI