India: UAE’s Mulk Holdings picks up 50% stake in Mirage Ceramics for $15.5m

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.