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Spartek group plans JV
HYDERABAD: Core promoters of Spartek group led by Krishnaprasad Tripuraneni plan to set up a 2.5 million sq. m. floor tile unit in Gujarat as a joint venture to cater to the western market. Location in Gujarat will be finalised by March and the plant will be commissioned in 2004-05. Marketing will be under `Spartek' brand name. The Gujarat plan is part of a strategy to spread into western and northern sectors, and long-term plans include a unit in north, Mr. Krishnaprasad told The Hindu here. The promoters of Spartek group will be involved in the JV and not Spartek as such. But the unit will be set up on a turnkey basis, he said. Spartek group went through a rough patch after acquiring Neycer India and Stiles India, and is undergoing restructuring under CDR (Corporate Debt Restructuring) plan.
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