India’s Borosil Glass Works plans to aquire fellow Indian tableware manufacturer Hopewell Tableware for a total Rs 27.03 crore ($4 million).
The company will acquire 100 per cent shares of Jaipur-based Hopewell Tableware, a manufacturer and supplier of Opal Melamine & Bone China, and covert it into a wholly-owned subsidiary.
“As a part of the company's growth strategy, it has been decided to enter into the opal dinnerware business. There are many potential synergies for Borosil in this business,” the company said in a stock exchange filing.
Borosil’s board has approved the acquisition.
The filing said: “The Board of Directors of the company has approved entering into a share purchase agreement, as per which the company is to inter-alia, acquire entire equity shares of Hopewell Tableware Pvt Ltd, a closely held non listed domestic private company.”