Quartz countertop firm Caesarstone Ltd is all set to acquire a majority stake in a Gujarat-based countertop manufacturer.

The Israel-based firm has agreed to buy the stake in Morbi-headquartered Lioli Ceramica Pvt Ltd, which specialises in porcelain countertops (flat surfaces for working on, especially in kitchens). 

Details of the deal are as under:

Sector: Manufacturing/Industrials

Announcement Date: 01-Sep-2020

Name of Client: Caesarstone Ltd

Name and Description of Acquirer: Caesarstone Limited | Israel 

Caesarstone is a concept and lifestyle-driven company with a customer-centered approach to designing, developing and producing high-end engineered surfaces used in residential and commercial buildings.

Name and Description of Target: Lioli Ceramica Pvt. Ltd | India 

Lioli is an India-based producer of cutting-edge porcelain countertop slabs operating innovative and technologically advanced manufacturing facilities in Asia.

Deal Description: Caesarstone Ltd. proposes to acquire a majority stake in Lioli Ceramica Pvt. Ltd

Total Consideration: INR 868.8 million approximately (USD 12 million)

Team Members: Kartick Maheshwari (Partner), Deepak Jodhani (Partner), Kapish Mandhyan (Principal Associate) and Arjun Nair (Associate) represented the client on the transaction with assistance from Hetal Thakkar (Principal Associate) on due diligence.

Role of Firm: Khaitan & Co advised Caesarstone Limited

Other legal advisors: Veritas Legal