Borosil Glass Works has approved its decision to acquire Jaipur-based Hopewell Tableware for a total Rs 27.03 crore.
The company will acquire 100 per cent shares of Hopewell and convert it into a wholly-owned subsidiary.
“As a part of the company’s growth strategy, it has been decided to enter into the opal dinnerware business. There are many potential synergies for Borosil in this business,” the company said in a BSE filing.
“The Board of Directors of the company at its meeting held on January 14, 2016, has approved entering into a share purchase agreement, as per which the company is to inter-alia, acquire entire equity shares of Hopewell Tableware Pty Ltd, a closely held non-listed domestic private company,” Borosil informed BSE.
Borosil intends to invest Rs 10.89 crore into Hopewell Tableware.