Nitco Tiles enters into CMA with Foshan Lungo Ceramics

Nitco Tiles Ltd has announced that the Company has entered into a second contract manufacturing arrangement (CMA) for a period of 3 years with FOSHAN LUNGO CERAMICS, which is part of New Zhong Yuan (NZY) Group, China, NZY is the world's largest tile manufacturing group having turnover in the region of US$ 500 million. Under the said contract, the Company has committed to procure 3 million sq. mtrs. of vitrified tiles in the first 12 months, 4.5 million sq. mtrs. in the next 12 months and 6.0 million sq. mtrs. in the remaining 12 months. The procurement prices will remain fixed during the first two years of the contract.

This CMA is in addition to the first CMA with Foshan Chancheng Oulian Construction Ceramic Co. China.

Source : Equity Bulls

Keywords