NITCO Ltd, a legacy brand in tiles, marble, and mosaics, is set for a major resurgence following a strategic investment by Authum Investment & Infrastructure Ltd. a diversified investor and leading NBFC with an exemplary track record in transforming businesses like RCFL and RHFL. It has infused working capital facilities and secured a debt restructuring package for NITCO. This move is complemented by a ₹350 crore plus fresh capital infusion from third party investors, around ₹225 crore capital infusion by promoter and a ₹50 crore priority financing facility along with proceeds of ₹232 crore from Kanjurmarg land sale to address operational needs, and to ensure seamless supplier confidence and uninterrupted supplies. These strategic measures have revitalized NITCO. The above measures had a strong bearing on NITCO’s share price, which soared from ₹26 to ₹126 over the past 52 weeks, reflecting strong market confidence.
Positioned for growth, NITCO is emerging as a transformative industry leader. Leveraging its strong brand awareness, all-India network, and robust relationships with end-customers, architects, and project partners, NITCO is uniquely positioned to capitalize on growth opportunities in the marble, tiles, and mosaic sectors. The infusion of funds, operational stability, and a visionary leadership team have laid the foundation for accelerated growth, making NITCO a company to watch out for. As Authum’s investment signifies confidence in NITCO’s legacy and future potential, the brand is poised to reclaim its leadership position and redefine excellence in the industry.
12 December 2024, Thursday
