Somany Ceramics, with effect from June 1, terminated its joint venture (JV) agreement with Keraben Grupo SA.

The company has said in a BSE filing that “This has reference to our earlier communication regarding decision of the Board of Directors of the company pertaining to termination of the JV agreement entered between Keraben Grupo SA and Somany Ceramics in 2006.”

It added that the 50:50 JV company was not doing any operations due to unfavorable market conditions for last few years, leading to its termination with effect from June 1.

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