NEW DELHI: UAE-based diversified conglomerate Mulk Holdings has invested Rs 100 crore to pick 50% stake in Mumbai-based tiles manufacturer Mirage Ceramics in its first investment in India, and has outlined plans to pump in about Rs 1,000 crore in the country. "India is a very lucrative market for us," said Shaji Ul Mulk, chairman at Mulk Holdings. "The economy is booming and we look forward to an ongo ing investment here over the next five years, during which we will be investing more than Rs 1,000 crore."
The $2.2-billion Sharjah based group, which has business interests ranging across real estate, manufacturing, renewable energy and healthcare sectors, is primarily targeting building materials, artificial marble and quartz industries in India, Ul Mulk said. Shrikant Khadilkar, Chairman at Mirage Ceramics, said that Mulk Holdings' global presence and expertise will help the company expand globally. The company plans to use the proceeds from the stake sale to upgrade its manufacturing facilities and ramp up production. It plans to draw down about Rs 50 crore, with the rest expected to be utilised over the six months.
Founded in 2005, Mirage Ceramics was originally a partnership between Malwa Ceramics and Mirage Group. The partnership was dissolved in 2012, with the latter buying out Malwa Ceramics. The company earned revenue of Rs 72 crore for the last fiscal.
About Mulk Holdings
MULK HOLDINGS IS A MULTINATIONAL GROUP OF 20 COMPANIES WITH DIVERSIFIED BUSINESS INTERESTS IN MANUFACTURING OF ALUBOND U.S.A BRAND OF METAL COMPOSITES, INTERIOR AND EXTERIOR DESIGN & FIT OUTS, PLASTIC INDUSTRIES, POWER GENERATION, ALUMINIUM COIL COATINGS, HEALTHCARE, REAL ESTATE, COMMODITIES AND SOLAR ENERGY. THE COMPANY WITH ITS HEADQUARTERS BASED IN HAMARIYA FREEZONE SHARJAH, U.A.E IS SPREAD ACROSS EUROPE, U.S.A, AFRICA, TURKEY, INDIA AND MIDDLE EAST. MULK HOLDINGS’ FLAGSHIP BRAND ALUBOND U.S.A METAL COMPOSITES HAS GROWN INTO THE WORLD’S LARGEST METAL COMPOSITE BRAND WITH OPERATIONS IN 11 COUNTRIES AND MARKET REACH OF 90 COUNTRIES.