Acquisition Details

  • Apollo Ceramics Limited acquired 76% stake and profit sharing rights in Mazzini Tiles LLP
  • Transaction completed on September 18, 2026
  • Cash consideration of ₹40.42 crore
  • Does not qualify as related party transaction
  • Promoter/promoter group/group companies have no interest in Mazzini Tiles
  • Transaction undertaken on arm's length basis
  • No governmental or regulatory approvals required

Target Entity Information

Mazzini Tiles LLP

  • Industry: Building materials (Tiles and Ceramics)
  • Primary business: Manufacturing of tiles and ceramic products
  • Manufacturing facility located at Morbi, Gujarat
  • Country of presence: India

Financial Performance

  • FY 2025-26 Turnover: ₹87.15 Crore
  • FY 2024-25 Turnover: ₹76.67 Crore
  • FY 2023-24 Turnover: ₹78.23 Crore

Operational Capacity

  • Installed annual capacity: 72 lakh square meters
  • Product focus: Polished Glazed Vitrified Tiles (PGVT)
  • Equipped with advanced imported machinery

Strategic Rationale and Investment

  • Part of Apollo Pipes' Board-approved investment plan of up to ₹300 crore for tiles and ceramics business
  • Aligns with company's strategy to expand presence in building materials segment
  • Provides immediate operating manufacturing base and established product portfolio
  • Enables market access from outset through Mazzini's domestic network and export presence

Benefits and Vision

  • Leverages Apollo Pipes' understanding of building material channels
  • Builds on Mazzini's position in PGVT segment
  • Uses owned and contract manufacturing for capital efficiency
  • Objective to build scaled, trusted tiles platform across domestic and international markets
  • Focus on residential, commercial and institutional applications

Market Context

  • Indian ceramic tile industry estimated at ₹62,000-65,000 crore
  • Growth driven by residential/commercial construction, renovation demand, and urbanization
  • Common end markets with Apollo Pipes' existing business

Advisory and Management

  • Singhi Advisors acted as exclusive M&A advisors
  • Management commentary provided by Sameer Gupta, Managing Director, emphasizing disciplined, phased approach focusing on product quality, design relevance, and sustainable returns