Jaquar and Company Private Limited agreed to acquire the assets of Sanitaryware business from Euro Ceramics Limited (BSE:532823) for INR 860 million on March 28, 2017. The parties signed the agreement for the acquisition on March 29, 2017. The purchase comprises the whole of sanitary ware business undertaking including land, building, plant and machinery. For the financial year 2015-16, Sanitaryware business had a turnover of INR 308.2 million and net worth of INR 757.9 million. The transaction was approved by the shareholders and the Board of Directors of Euro Ceramics Limited on March 28, 2017. The transaction is expected to close on or before March 31, 2017. The proceeds from the sale will be used to reduce the debt burden through compromise settlement with banks. Jaquar and Company Private Limited completed the acquisition of assets of Sanitaryware business from Euro Ceramics Limited (BSE:532823) for INR 1 billion on April 25, 2017.