Ceramic tiles manufacturer, Nitco has received an approval on July 08, 2011, from Bombay High Court for the proposed scheme of amalgamation of Particle Boards India with the company and their respective shareholders and creditors under sections 391 to 394 of the Companies Act, 1956. Further, the scheme will be effective from the date on which the certified copy of the High Court order is filed with the registrar of companies, Maharashtra.
Recently in February this year, Nitco had purchased 100-acres of land in Alibaug near Mumbai valued at around Rs 500 crore. The company is aiming to build luxurious villas in Alibaug and launch it before 2012. With this acquisition, it now has a total land bank of over 120 acres in India.
Nitco is engaged in the manufacture of flooring tiles in India. Previously known as Nitco Tiles, the company is one of the largest manufacturers of flooring tiles in India