Nitco has entered into a memorandum of understanding (MOU) for acquiring 51% of equity shares in New Vardhman Vitrified.
New Vardhman Vitrified is setting up a tile plant with a capacity to manufacture 4.95 million square meter approximately per annum of Vitrified Tiles and 3.75 million square meter approximately per annum of Wall Tiles and the production is expected to commence within six months. New Vardhman Vitrified is having its registered office at Surat in Gujarat while the factory is located at Rajkot in Gujarat.
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.