Italian tile maker Panariagroup and the BSE listed Asian Granito India have entered into 50:50 joint venture to manufacture and retail luxury tiles under the Bellissimo brand. The two firms will invest Rs 100 crore in the venture.
The joint venture company — Asian Panaria Pvt Ltd — will manufacture the tiles in Asian Granito’s existing facility.
“With production over 600 million square metre of tiles per year, India is the third largest ceramic tile market in the world in terms of consumer spending. We will be working directly with business to business consumers and also end-users with our new product offering,” Sanjay Monga, Country Manager, Asian Panaria, said.