Asian Panaria Ltd aims to capture 7-10 per cent of the luxury tile market valued at around Rs 250 crore through its high-end brand ‘Bellisimo” in its first year of operation.
Asian Panaria is a joint venture between Indian ceramic tiles manufacturer, Asian Granito India Ltd, and Italian tile manufacturer Panariagroup Industrie Ceramiche.
The joint venture company was formed in August last year and its products started coming into the market in October 2012, coinciding with the festival season.
According to Sanjay Monga, Country Manager – India of Asian Panaria, the company would aim to scale up its market share to about 35 per cent in the next five years.
“The luxury tile market is estimated at nearly €35-40 million (approximately Rs 250 crore at current exchange rate) and has been growing well. We expect the market to double in the next five years,” he said.
shobha.roy@thehindu.co.in