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.

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