13th Sep 2007 07:01
Promethean India PLC13 September 2007 Embargoed 7am 13 September 2007 Promethean India Plc Investment in Nitco Tiles Limited Promethean India Plc. ("Promethean India") is pleased to announce that it has aneconomic interest in a 5.28 per cent. stake in Nitco Tiles Limited ("Nitco Tiles") through its Mauritian subsidiary, Promethean India Investments Fund 1 (the "Fund"). Nitco Tiles is listed on the Bombay and National Stock Exchanges inIndia and is one of India's leading building products company manufacturing anddistributing all types of ceramic tiles and imported marble. The company alsohas a newly formed real estate development business through it's wholly ownedsubsidiary. Promethean India have known the management of Nitco Tiles for some time and arepleased to have the opportunity to be working with them in their strategy tocontinue to build the business. The Board of Promethean India believe thecompany is in a phase of rapid growth and are looking forward to benefit fromthe company's scale and brand recognition during a period of significant growthin the building and construction industry in India. The company is alsovigorously pursuing its objective of creating value in the Real Estate sectorand is in negotiations for undertaking many more projects. Promethean India's mandate and investment strategy calls for the Fund to investin both listed and private businesses in India that can benefit from the Funds'relationships and expertise. In India the Board believe that the Fund'srelationship with the Burman family, who control Dabur, will be strategicallybeneficial to Nitco Tiles in implementing their growth strategy. Gaurav Burman, a principle of Promethean Plc commented, "Nitco Tiles has grownits business aggressively over the past few years. We feel we are investingalongside a world-class management team and look forward to their continuedsuccess in both their tile business and their newly formed real estate division.We will of course be available to lend any assistance whatsoever should themanagement wish to call upon it". Enquiries: Gaurav Burman Promethean Investments LLP +44 (0)207 479 7660Nandita Sahgal Insinger de Beaufort +44 (0)20 7190 7000 Promethean India plc is managed by Promethean Investments LLP which isauthorised and regulated by the Financial Services Authority. Notes to Editors: Promethean India PLC Promethean India PLC, an investment company that focuses on businesses that areestablished or operating in India, was admitted to trading on the AlternativeInvestment Market ('AIM'), under the ticker symbol PTHI for the Ordinary Sharesand PTHW for the Warrants. The Company raised £50 million (gross of expenses) via a Placing of new OrdinaryShares and Warrants. The Company and its subsidiaries are advised by PrometheanInvestments LLP (the 'Investment Manager') and by an Indian resident investmentadviser (the 'Investment Adviser'). Promethean Investments LLP Promethean Investments LLP is a specialist fund manager that focuses on activistprivate equity investing in both quoted and private UK and Indian businesses.Promethean aims to acquire an interest in public and private companies where itbelieves opportunities exist to create or unlock near-term value. It combinesactive management, financial leverage and flexibility to create bespoke dealstructures for quoted and unquoted companies. Promethean Investments LLP manages Promethean Plc, a £57 million AIM quotedprivate equity fund and also manages Promethean India Plc, a £50 million AIMquoted private equity fund that targets value and growth opportunities in India. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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