The 50:50 joint venture formed by Asian Granito India Ltd and Italy’s Panaria group in August plans to export Rs 50 crore worth of high-end tiles to Asian countries in the next one year, a company official said here on Thursday.
High-end ultra-luxury tiles under ‘Bellissimo-Stile Italiano’ brand would be manufactured from Asian Granito’s plant at Himmatnagar, Gujarat, said Andrea Campaner, Managing Director India, Panariagroup.
The Indian market size in tiles is about Rs 13,000 crore per annum, including Rs 250 crore in ultra-luxury segment, which is expected to double by 2015 with a CAGR of 15% in the segment.
He said the joint venture plans to capture 35% of the total Indian luxury market share in the next five years.
The plant will be manufacturing about 80% of its products at Himmatnagar and import the rest from Italy where Panariagroup has three plants. It also has manufacturing facilities in Portugal (two) and the USA (one). The family-held Panariagroup is listed in Italy while Asian Granito is listed on the BSE and NSE.
Mr Campaner said in the first year of the launch, the company targeting to market about 450,000 square metres of tiles, worth about nine million euros (Rs 50 crore).
Asian Granito, which has a capacity of 85,000 sq meters at Himmatnagar, has earmarked 5,000 sq metres capacity for the JV’s requirements, he said. For marketing the products, the JV is expanding its dealers’ network.
With a presence in over 100 countries, the € 300 million Panariagroup is a world leader in the manufacture and distribution of high-end and luxury porcelain stoneware flooring and wall coverings.
Asian Granito India, a Rs. 620 crore company, is among the top five ceramic tiles company in India.