Somany Ceramics (SCL), a part of H L Somany Group is into manufacture of ceramic tiles announced that the board in its meeting held on Thursday has approved incorporation of a wholly-owned subsidiary Somany Piastrelle in India.

This new wholly owned subsidiary of the Company will carry out the business of manufacturing/ trading of tiles, sanitaryware, faucets and any other allied products.

Somany Piastrelle is yet to commence its business operations. The cost of acquisition is Rs 1 lakh., the company said. 

Shares of the company declined Rs 16.50, or 4.12%, to settle  at  Rs 383.90.  The total volume of shares traded  was 9,518 at  the BSE (Friday).