21 April 2006: ROCA of Spain, the euro 1.5 billion world leader in Sanitaryware and bathroom ceramics, has picked up 50 per cent stake in Parryware Glamourooms Private Ltd, a spun off company of EID Parry (India) Ltd, for euro 50 million.

Following which, a new joint venture will be floated, incorporating three board members from both the companies apart from giving new brand equity as well as name change once the company gets FIPB approval, said A. Vellayan, Vice-Chairman, EID Parry India Ltd.

Addressing the press conference here on Thursday, Mr Vellayan said in addtion to the technical, design, technology and marketing know how, ROCA will not only bring in an additional investment but also enable Parryware to access to international markets, where ROCA has presence in over 120 countries across the globe.

"We are poised to usher in a new era of innovative products that will continue to transform bathrooms to Glamourooms. The joint venture company will symbolize business dynamism with innovation, reinforcing Murugappa group's commitment of providing the best bathroom products to the customers in India.

"We have increased our market share from 39 per cent to 42 per cent in the Rs.350-crore organised Sanitaryware market in India and expect to increase to 44 per cent during the current fiscal. Our tie-up with ROCAA will help improving our market share further apart from bringing in new products during the fiscal", he said.

According to K E Ranganathan, Director of Parryware Glamorous, the company is setting up a new project at Perundurai in Tamil Nadu with an estimated investment of Rs.60 crore and the project will on stream from May onwards. Following which, the capacity will go to 4 million units per annum as against 3.2 million units per annum now, he added.

Parryware continues to target high-end business segment like hotels, malls, hospitals and the institutional business contributes Rs.50 crore to the total revenue.

"We expect to achieve Rs.75 crore from the institutional business," he added.