Tiles maker Somany Ceramics is planning to spend over Rs 100 crore in next three years for increasing its production capacities by 10 million square metres annually. It has decided to set up a new facility with an installed capacity of 2.5-3 million square metres annually in Gujarat, by forming a new joint venture (JV) within the next six months.
The entity plans to invest around Rs 30 crore every year and in the next three years it will be over Rs 100 crore. It is in talks with a few players to form a new joint venture within the next six months. Somany Ceramics will have a 26% stake in the proposed JV.
