Nitco Tiles in agreement with China-based Co

MUMBAI: Nitco Tiles Ltd has said it has entered into a second contract manufacturing arrangement (CMA) with China-based Foshan Lungo Ceramics for a period of three years.

As per the said contract, the company would procure three million sq mtrs of vitrified tiles in the first 12 months, 4.5 million sq mtrs in the next one year and 6 million sq mtrs in the remaining 12 months, the tile manufacturer informed the Bombay Stock Exchange.

The procurement prices would remain fixed during the first two years of the contract, it added.

This CMA is in addition to the first contract manufacturing arrangement with Foshan Chancheng Oulian Construction Ceramic Co China.

Foshan Lungo Ceramics is part of New Zhong Yuan (NZY) group, China, and is a leading tile manufacturing group having turnover of $500 mn.

Shares of the company were trading at Rs 215.75, up 1.89 per cent on the BSE.