Lioli Ceramica Sells Majority Stake to Caesarstone

Veritas Legal advised Lioli Ceramica, a Gujarat-based producer of porcelain countertop slabs, and its promoters when they sold a majority stake in the company to Nasdaq-listed Caesarstone. Valued at US$22 million, the deal includes a cash investment of about US$12 million and additional consideration of up to US$10 million upon the achievement of certain milestones.Khaitan & Co advised Caesarstone – a manufacturer of engineered surfaces based in Israel – while the company’s GC, Ron Mosberg, was the lead lawyer in the deal. The deal, which is being seen as the first cross-border strategic deal since the onset of covid-19 in India’s building materials industry, was announced on 31 August and is expected to close later this year.