Making its first investment in India, UAE-based diversified conglomerate Mulk Holdings has picked up 50 per cent stake in Mumbai-based tiles manufacturer Mirage Ceramics in lieu of Rs 100 crore ($15.5 million).
According to a report in The Economic Times, Mirage Ceramics plans to use the the funding 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 six months.
The $2.2-billion Sharjah-based Mulk Holdings plans to invest around Rs 1,000 crore in India in the next few years.
“India is a very lucrative market for us,“ said Shaji Ul Mulk, chairman at Mulk Holdings told the news paper. “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 India, the company is keen to invest in construction related sectors including building materials, artificial marble and quartz industries in India, Ul Mulk said.
Mirage Ceramics, formerly known as Malwa Mirage, was founded in 2005 as a partnership between Malwa Ceramics and Mirage Group. The partnership was dissolved in 2012, with the latter buying out Malwa Ceramics.