Nasdaq-listed Caesarstone, the leading producer of premium quartz surface, has signed an agreement to acquire a majority stake in Gujarat-based Lioli Ceramica for about $22 million (₹160 crore), based on the achievement of certain milestones.

The transaction is expected to be closed this year, subject to customary closing conditions.

Incorporated in 2016, Lioli has an advanced manufacturing facility in Morbi and produces mega-sized slabs. The company which employs about 400 people, exports to 35 countries.

Ceramics represents one of the fastest growing categories in the global countertop market.

Israel-based Caesarstone’s entrance into the ceramics countertop market is accentuated by its dominant presence in quartz surfaces and strengthens its global competitive advantage, said Lioli in a statement on Monday.

Morbi is an industrial hub for the production of ceramic tiles, housing 80 per cent of India’s ceramic vitrified tile manufacturing units.

Hitesh Deteroja, CEO, Lioli Ceramica said the deal is the first of its kind cross border strategic transaction in building construction materials industry post-Covid break-out and will boost 'Make in India' program further.

Pantomath Capital Advisors acted as the sole investment banker and financial advisors to Lioli Ceramica.

The deal would open up the sector and help Indian manufacturers go global, expand output and boost employment, said Madhu Lunawat, co-founder, Pantomath Capital Advisors.

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