Apollo Pipes has entered the ceramic tiles sector through the acquisition of a controlling interest in Mazzini Tiles LLP. The transaction has been executed through Apollo Ceramics, a newly incorporated subsidiary of Apollo Pipes which has acquired 76% of the stake and profit sharing rights in Mazzini Tiles LLP for a consideration of Rs 40.42 crore.

The acquisition has been completed. The transaction forms part of Apollo Pipes' Board-approved investment plan of up to Rs 300 crore for the tiles and ceramics business. The approved platform may undertake

• manufacturing, including contract manufacturing
• Trading, marketing and distribution of tiles, ceramics and allied products.

Mazzini Tiles is an established Indian tiles player with a domestic network and a growing export presence across key international markets. The company has developed a position in Polished Glazed Vitrified Tiles (PGVT). It operates a modern manufacturing facility at Morbi, Gujarat, equipped with advanced imported machinery and installed capacity of 72 lakh square meters per annum.

The acquisition gives Apollo Pipes an operating manufacturing base, an established product portfolio and market access from the outset. It is expected to shorten the time required to build capabilities and provide a platform from which the Group can pursue product expansion, channel development and exports in a calibrated manner.