Mumba: Faze Three Ltd (FTL) has bought 76 percent stake in German company, Pana Textil GmbH for around Rs 33.33 crore.

After getting hold of major stake in Pana Textil GmbH, FTL would have access to the constructing facilities of Pana situated in Germany and Hungary.

Faze Three said, “This acquisition will bring the company closer to its customers and also enable it to increase its footprint in the European market.”

The company also said that it would add up more printed bathmats and nano technology to its subsisting product range that are the requirements of major European, UK and American retailers.

Pana Textil GmbH is more than 50 years old company and one of the leading makers of bathmarts in the European market.

Faze Three shares lost 6.56% at Rs 47.45 on the Bombay Stock exchange (BSE).