India: Japan's Sumitomo Forestry buys 26% stake in Spacewood Furnishers

Spacewood in association with Sumitomo Forestry Crest Co. Ltd., a unit of Sumitomo Forestry, will set up a new factory to make pre-hung doors. Visual from Spacewood website.

Modular furniture maker Spacewood Furnishers Pvt. Ltd on Wednesday said it has sold its 26% stake to Japanese firm Sumitomo Forestry Co. Ltd, a housing materials and timber trader. The company did not disclose the deal amount.

Spacewood will increase its retail footprint with this money from 15 stores to approximately 50, the company said.

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