Exxaro Tiles to incorporate subsidiary for ceramics business

Gujarat-based Exxaro Tiles Limited said that its board of directors has sanctioned the incorporation of a fully-owned subsidiary of the company to carry out ceramics business in India.

The subsidiary will be called Exxaro Ceramic Limited or any other names as may be approved by the Indian Ministry of Corporate Affairs.

According to Exxaro Tiles Limited, the incorporation of the fully-owned subsidiary will utilize the growth opportunities in the evolving mobility space and will enable it to become more agile and customer-focused.

The proposed authorized capital of the ceramics business will be INR 1 lakh.

Exxaro Tiles Limited has been involved in manufacturing and marketing of vitrified tiles, which are primarily used for flooring solutions.