UAE-based conglomerate Mulk Holdings has invested Rs 100 crore to pick 50 per cent stake in Mumbai-based Mirage Ceramics. The Indian Ceramic Tiles industry does a humungous business of about Rs 25,000 crore per annum. With the support of a handful of respected brands, powering a large chunk of this business, and numerous upcoming ones, the ceramic tiles sector is one of the most dynamic sectors in India.
Says Shrikant Khadilkar, Chairman, Mirage Ceramics, “We have built Mirage Ceramics brick by brick, from a company with a single store to having over 450 dealers today, in all parts of the country. We have been pioneers who have pushed the envelope in the Indian ceramics sector. Now, we are re-inventing by introducing two distinct product lines. The first will be an elite collection which introduces Gold, Platinum and Rose-Gold finishes for the truly bespoke spaces. The second will be an affordable line that is more suitable for the immense demand in India’s thriving real estate, hospitality, healthcare, housing and retail sectors. With this investment, we will reach further into India’s deep pockets, providing them with classy, affordable tiling solutions that they didn’t think were possible. We are elated to join hands with Mulk Holdings, whose eye for identifying the right sectors and companies all over the world is laudable. We are certain that their global presence and expertise will benefit us a great deal and help us expand globally.”
Mirage Ceramics, a young eight-year old company that is managed by industry stalwarts with over two decades of experience, was the first Indian company with its own production setup of Glazed Vitrified Tiles (GVT). Later, with the successful replication of marble on to tiles and the introduction of the metallic finish, Mirage became a respected name of the ceramic industry in India. For a long time, ceramic tiles were perceived as hygiene products that served a basic need for cleanliness. However, Mirage completely changed that expectation with its tiles, which, in addition to being high on utility, came in a variety of finishes such as metallic, satin, matt, high gloss, stone, slate, wood, gold, silver, marble, lappato and rustic, thus making them the perfect for indoor as well as outdoor decoration. Over the years, Mirage has found its way into India’s most prestigious addresses, helping to sheen up classic and modern spaces.
Shaji Ul Mulk, Chairman, Mulk Holdings says, “Mulk Holdings is always on the lookout for companies that are dependable, brave, innovative and in a segment that has growth potential. Mirage Ceramics fits the bill perfectly. India is globally ranked No. 3 in production, and it is only going to go higher. We expect Mirage to be a major player in this growth. The local availability of raw materials, skilled and unskilled manpower, a great domestic demand and a bullish scope for exports give us the confidence that Mirage Ceramics is going to go from being successful locally in the short term to being a global hit in the future. It is an exciting investment for us and we have worked together on a detailed plan to make sure that all the resources are utilised judiciously.”
Ul Mulk further adds, “India is a very lucrative market for us. The economy is booming and we look forward to an ongoing investment here over the next five years, during which we will be investing more than Rs 1,000 crore in the country”.
With a portfolio of 18 companies across 11 countries, Mulk Holdings has business interests across interior and exterior designs, metal composites, plastic industries, power generation, healthcare, real estate and solar energy. Their flagship brand – Alubond – a manufacturer of building façade panels, has a sales and distribution network in over 100 countries.
The government’s focus on easing policies to aid businesses seems to be off to a promising start. The domestic growth is projected to be at 15 per cent, ahead of the global standard of 11 per cent. In the past six years itself, the ceramic sector has seen an investment of over Rs 6,000 crore and the next few years are likely to see this figure jump up. With Mulk Holdings’ major investment in Mirage Ceramics, the world’s attention has been drawn to India’s ceramic tile industry. And it promises to yield results faster than one would expect.