Furniture manufacturer Spacewood has received $14m from the wood materials supplier, also now a strategic partner, in return for a 26% stake.
Building and furniture materials supplier Sumitomo has paid $14m for a 26% stake in India-based home and office furniture maker Spacewood, the Economic Times reported yesterday.
The stake purchase is expected to give Japan-based Sumitomo Forestry access to the Indian market, which has so far remained largely under the control of domestic businesses.
The two companies intend to jointly open a factory to manufacture pre-hung doors which will be sold through an as yet undisclosed new brand. Spacewood plans to…
