Wasserstein picks 12% in Euro Ceramics for Rs 60 cr

MUMBAI: Vitrified tiles maker Euro Ceramics on Thursday said US-based private equity firm Wasserstein Fund has picked up 12% equity stake in the company for Rs 60 crore.

Wasserstein has routed the stake purchase through its India fund, Malabar Wasserstein Special Opportunity Fund. The Euro Ceramics board has also approved raising up to $100 million through issue of securities overseas. The foreign fund limit is proposed to be raised up to 49%, the Mumbai-based company added here.

Euro Ceramics director Paresh K Shah said his company is increasing manufacturing capacities in existing product categories and also in new generation products.

“The expansion is being carried out at a cost of approximately Rs 575 crore and is proposed to be funded out of debt, equity and other permissible instruments,” he said. The company is setting up a new unit in Gujarat.