Zuari Global rises with arm inking joint venture agreement with FORTE SA

20 Jan 2017

Zuari Global is currently trading at Rs. 128.20, up by 1.50 points or 1.18% from its previous closing of Rs. 126.70 on the BSE.

The scrip opened at Rs. 128.30 and has touched a high and low of Rs. 128.30 and Rs. 123.60 respectively. So far 35,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 132.80 on 19-Oct-2016 and a 52 week low of Rs. 85.00 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 132.50 and Rs. 107.60 respectively. The current market cap of the company is Rs. 376.84 crore.

The promoters holding in the company stood at 55.63%, while Institutions and Non-Institutions held 16.93% and 27.45% respectively.

Zuari Global’s subsidiary - Indian Furniture Products, Chennai, India (IFPL) and Fabryki Meble FORTE SA, Ostrow Mazowiecka, Poland (FORTE) have signed on January 18, a joint venture agreement for the manufacturing and distribution of furniture for the Indian market. The Joint Venture Company will be named FORTE Furniture Products India. It will start operations on April 1, 2017 by assuming the existing manufacturing facility and the distribution network of Indian Furniture Products.

IFPL will gain access to state-of-the-art product design and manufacturing technology, while FORTE will establish its presence in a market with huge long-term customer potential. FORTE Furniture Products India aims at becoming a leader in ready-to-assemble furniture in India.

Zuari Global, erstwhile Zuari Industries, has been the principal promoter entity for the Zuari Group of Companies, with forays into fertilizer, seeds, engineering, lifestyle industries and services.

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