New JV co Asian Panaria to invest Rs 100 cr over next 3-5 yearsNew Delhi, 6 August 2012: Panariagroup Industrie Ceramiche S.p.A. of Italy, one of the world’s leading ceramic tiles company, has joined hands with India’s leading tiles maker, Asian Granito India Ltd., to form a new 50:50 joint venture company, Panaria Asian Pvt. Ltd., to tap the high-end luxury tiles market in India. This new JV’s products will be sold under the new brand ‘Bellissimo – STILE ITALIANO’ to reflect Italian elegance, technology and innovation. It plans to invest Rs. 100 crore over the next 3-5 years in manufacturing as well as setting up a nation-wide distribution network for luxury tiles. With a presence in over 100 countries, the over Euro 300 million Panariagroup is a world leader in the manufacture and distribution of high-end and luxury porcelain stoneware flooring and wall coverings, with production sites in Italy, Portugal and the USA. Asian Granito India, a Rs. 620 crore plus company, listed on the NSE and BSE, is one the top 5 ceramic tiles company in India with a strong distribution network across the country and five manufacturing plants in Gujarat. Welcoming this new initiative, Mr. Kamlesh Patel, Chairman of Asian Granito India Ltd. said, “The joint venture company headquartered at Ahmedabad, Gujarat will offer products comprising a selected range of Panariagroup's best sellers manufactured in Italy and collections produced in Asian Granito's Indian plants under an exclusivity agreement. It will be supported by Panariagroup's technical team to ensure that touch of Italian style.” Explaining the focus of this high-end brand, Mr. Sanjay Monga, Country Manager – India of Asian Panaria Pvt. Ltd., said, “Bellissimo sets out to be the point of reference for planners, interior designers, architects and end users who are looking for products that combine the highest technical standards and the aesthetics of Italian products, which for centuries have been the symbol of unique excellence throughout the world. With production of over 600 million square metres per year and annual growth rates in double digits, India is the third-largest ceramic tile market in the world in terms of consumer spending.” Mr. Andrea Campaner, Managing Director of Panariagroup India, added, “We want to become the market leader in the Indian luxury ceramic tiles market in the next five years and capture 35% of the total luxury market share in value terms. We will bring in R&D activities, differentiation, focusing on the market and to become a close partner to all the needs and requirements of our clients. Important brands such as Panaria ceramiche, LEA ceramiche and Cotto d’Este will become important assets to create value right from the start. Panariagroup believes strongly in the essential importance of our human resources, that is made up of enthusiasm, entrepreneurial attitude and responsibility with a very strong background. All the main activities and experience will be in place with our strong team of Italian and Indian members to promote our new creation, the BELLISSIMO brand.”About Panariagroup Industrie Ceramiche S.p.A.: Panariagroup Industrie Ceramiche S.p.A., with headquarters in the area known as the “ceramic tile district” between Modena and Reggio Emilia, heads a Group with 30 years' experience in the manufacturing and sale of ceramic materials for flooring and wall coverings, with a focus on the luxury and high-end segments of the market. With approximately 1,700 employees and 6 production facilities, Panariagroup ranks among the leading national and international manufacturers, distributing its products in more than 100 countries, through a sales network comprising 500 employees and 300 Sales Agents that serve a base of roughly 9,000 customers. Panariagroup, listed on the Star segment of Borsa Italiana since November 2004, operates through 8 leading brands (Panaria, Lea, Cotto d’Este, Fiordo, Margres, Love Tiles, Florida Tile and Blustyle), all in the high-end and luxury market segments. Asian Granito India Limited: Asian Granito India Ltd, listed on the NSE & BSE, reported sales of Rs 623 crore in 2011-12, with annual growth rates exceeding 20%. The company has more than 4,000 customers throughout the country and 5 production plants in the state of Gujarat with production capacities of 81,000 square metres per day. Asian Granito is today among the top 5 Indian ceramic tile manufacturers and one of the leading manufacturers of porcelain stoneware in India. The company owns 20 showrooms throughout the country.