The group said that it will aim to use the funds to increase the market share and grow penetration in the market, both domestic and international. It will also use the funds to expand the current production capacity of tiles and sanitaryware and improve logistics.
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Simpolo Vitrified Pvt Ltd and Nexion International Pvt Ltd are a part of the Simpolo Group.
"In 2015, we partnered with the Simpolo promoters with the shared vision of creating an Italian company in India," Luca Majocchi, CEO of Nexion, said, "As India's economy and society continue to develop, we expect the luxury tiles market in India to grow exponentially."
Motilal Oswal Investment Advisors acted as an exclusive financial advisor to the Simpolo Group.
"We believe that the luxury and premium tiles segment in India is poised for rapid growth, as the share of high-end tiles will increase from less than 10 per cent today to 30-40 per cent as seen in developed markets," Prakash Bagla, director of MOPE said.
Simpolo Vitrified and Nexion International manufacture luxury and premium tiles in India. Simpolo was founded in 2008 and is involved in designing, manufacturing, supplying and distributing tiles and sanitaryware. Nexion was founded in 2015 and partners with Simpolo in manufacturing tiles.
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