NEW DELHI: Italy's leading ceramic tiles firm Panariagroup Industrie Ceramiche S.p.A. and India's premium tiles maker Asian Granito India Ltd., formed a new 50:50 joint venture company, Panaria Asian Pvt. Ltd., to market high-end luxury tiles under 'Bellissim' brand in India
The new JV company will aim to tap the high-end luxury tiles market in India and it will sold the product under new brand 'Bellissimo – STILE ITALIANO' which will reflect Italian elegance, technology and innovation.
The JV is planning to invest Rs 100 crore over the next 3-5 years in manufacturing as well as setting up a nation-wide distribution network for luxury tiles.
Panariagroup is a global manufacture and distributor of high-end and luxury porcelain stoneware flooring and wall coverings. The company has production sites in Italy, Portugal and the USA.
Kamlesh Patel, chairman of Asian Granito India, said, “The joint venture company headquartered at Ahmedabad, Gujarat will offer products comprising a selected range of Panariagroup's best sellers manufactured in Italy and collections produced in Asian Granito's Indian plants under an exclusivity agreement. It will be supported by Panariagroup's technical team to ensure that touch of Italian style.”
Sanjay Monga, country manager – India of Asian Panaria Pvt. Ltd., said, “Bellissimo sets out to be the point of reference for planners, interior designers, architects and end users who are looking for products that combine the highest technical standards and the aesthetics of Italian products, which for centuries have been the symbol of unique excellence throughout the world. With production of over 600 million square metres per year and annual growth rates in double digits, India is the third-largest ceramic tile market in the world in terms of consumer spending.”
Andrea Campaner, MD of Panariagroup India, said, “We want to become the market leader in the Indian luxury ceramic tiles market in the next five years and capture 35% of the total luxury market share in value terms.”