Zuari Global Ltd (ZGL), a Saroj Poddar group company, has acquired 48. 98% shares of Forte Furniture Products India Private Limited (FFPL) from Indian Furniture Products Limited (IFPL), which is a subsidiary of the Company. ZGL has paid Rs 13.85 crore to IFPL to buy this stake. According to ZGL, the objective of acquisition of FFPL is ‘restructuring’.
FFPL was incorporated in February, 2017 in Chennai, as 50:50 joint venture Company between Indian Furniture Products Limited and Fabryki Mebli “Forte” S.A., Poland for manufacturing and selling of furniture across India. In the very first full year of operation the company clocked a turnover of more than Rs 50 crore.
Zuari Global Ltd is a company belonging to $ 3 billion “ADVENTZ” Group which has interests in agriculture, engineering & infra, lifestyle & real estate and services. In the consumer durables segment, the Group manufactures state-of-the-art, RTA furniture and has a complete range of fittings and hardware to cater to all the three segments of furniture manufacturing; i.e. office, residential and kitchen & bath.