Simpolo Group, India’s largest premium tile producer, has raised $66 million from the India Enterprise Excellence Fund-IV. The fund is managed by Motilal Oswal Finvest Ltd, MO Alternate Funding Advisors Pvt Ltd (MOPE) and India SME Investments – Fund I.
The group stated that it’ll goal to make use of the funds to extend the market share and develop penetration out there, each home and worldwide. It would additionally use the funds to develop the present manufacturing capability of tiles and sanitaryware and enhance logistics.
“MOPE’s expertise to create leaders within the manufacturing sector and the experience gained from their actual property fund will probably be instrumental in elevating Simpolo Group to one of many leaders within the constructing supplies business in India,” stated Jitendra Aghara, group CMD, Simpolo Group.
Simpolo Vitrified Pvt Ltd and Nexion Worldwide Pvt Ltd are part of the Simpolo Group.
“In 2015, we partnered with the Simpolo promoters with the shared imaginative and prescient of making an Italian firm in India,” Luca Majocchi, CEO of Nexion, stated, “As India’s economic system and society proceed to develop, we count on the luxurious tiles market in India to develop exponentially.”
Motilal Oswal Funding Advisors acted as an unique monetary advisor to the Simpolo Group.
“We consider that the luxurious and premium tiles phase in India is poised for speedy progress, because the share of high-end tiles will enhance from lower than 10 per cent at the moment to 30-40 per cent as seen in developed markets,” Prakash Bagla, director of MOPE stated.
Simpolo Vitrified and Nexion Worldwide manufacture luxurious and premium tiles in India. Simpolo was based in 2008 and is concerned in designing, manufacturing, supplying and distributing tiles and sanitaryware. Nexion was based in 2015 and companions with Simpolo in manufacturing tiles.