India Ltd, division of Welspun Group has announced that the company has acquired 76 % stake in Portugal-based Sorema - Tapates e Cortinas de Banho, SA for Rs 60 crore.

Sorema is a leading player in bath rugs and shower curtains around the world, with an annual turnover of € 10 million. Its network has spread across in 44 countries including USA, England, Spain and Germany.

According to Welspun, the companies have also signed an agreement for marketing products exclusively in Spain and Portugal as well as in other European countries.

B K Goenka, vice-chairman and MD of Welspun Group said, “The acquisition will help the company to become a global player in the home textiles segment.”

The company stated that as part of the acquisition, the existing Sorema management would continue to own the remaining 24 % of the issued share capital and would operate the company on a stand-alone basis.

In July 2006, Welspun had also acquired 85% of the UK’s largest towel company Christy.
At 12: 15 PM, the Welspun stock was trading at Rs 103, up 4% compared with previous close of Rs. 99. About 79,043 shares exchanged hands in the counter. The stock price touched an intraday high of Rs. 107 and low of Rs. 101.