Apollo Pipes Ltd on Friday said its subsidiary Apollo Ceramics Ltd has acquired a 76% stake and profit-sharing rights in Mazzini Tiles LLP for a cash consideration of ₹40.42 crore. The acquisition gives Apollo Pipes a controlling interest in Mazzini Tiles and has been completed.
Mazzini Tiles is primarily engaged in the manufacturing of tiles and ceramic products and operates its manufacturing facility in Morbi, Gujarat. The company was incorporated on April 5, 2017. Mazzini reported a turnover of ₹87.15 crore for the financial year ended March 31, 2026.
Its turnover stood at ₹76.67 crore in FY2025 and ₹78.23 crore in FY2024. The acquisition is in line with Apollo Pipes' strategy to expand its presence in the tiles and ceramics business and strengthen its presence in the building materials segment. The company said Mazzini has an established domestic network and a growing export presence across key international markets.
The acquisition has been executed through Apollo Ceramics, a newly incorporated subsidiary of Apollo Pipes. Apollo Ceramics has acquired the 76% stake and profit-sharing rights for ₹40.42 crore. The transaction is part of Apollo Pipes' Board-approved investment plan of up to ₹300 crore for the tiles and ceramics business.
The approved platform may undertake manufacturing, including contract manufacturing, as well as trading, marketing and distribution of tiles, ceramics and allied products. Apollo Pipes said the acquisition provides an operating manufacturing base, an established product portfolio and market access from the outset.
Apollo Pipes said the strategy includes leveraging Mazzini's position in PGVT, its network and market platform, while using owned and contract manufacturing to balance quality, speed and capital efficiency. The company also plans to develop a comprehensive and design-led product portfolio for residential, commercial and institutional applications.
The proposed expansion includes improved capacity utilisation, a wider dealer network, export growth, contract manufacturing and selective acquisitions. Apollo Pipes said the objective is to build Mazzini into a scaled and differentiated tiles and ceramics platform with a presence across domestic and international markets.
Mazzini brings an operating base in Morbi, modern manufacturing capability, an established domestic network and a growing export presence. This gives us a strong starting platform in an attractive category. Our approach will remain phased and disciplined.
We intend to focus on product quality, design relevance, channel service, working-capital control and sustainable returns. The Board-approved investment envelope gives us flexibility to support Mazzini’s growth and evaluate additional opportunities where there is a clear strategic and financial fit."Singhi Advisors acted as exclusive M&A advisors for this transaction.
Shares of Apollo Pipes Ltd ended at ₹538.65, up by ₹13.20, or 2.51%, on the BSE.