Apollo Pipes Ltd has entered the ceramic tiles business by acquiring a controlling interest in Mazzini Tiles LLP for ₹40.42 crore. The acquisition has been completed through Apollo Ceramics Ltd, a newly incorporated subsidiary of Apollo Pipes, which has acquired a 76% stake along with profit-sharing rights in Mazzini Tiles.
The transaction is part of Apollo Pipes’ broader strategy to expand its presence in the building materials segment and diversify into tiles and ceramics. The company’s Board had earlier approved an investment envelope of up to ₹300 crore for establishing and developing its tiles and ceramics business.
Mazzini Tiles is primarily engaged in the manufacturing of tiles and ceramic products and operates a manufacturing facility in Morbi, Gujarat, one of India’s major ceramic manufacturing hubs. The company was incorporated on April 5, 2017.
The Morbi facility has an installed annual manufacturing capacity of 72 lakh square metres and has established a presence in Polished Glazed Vitrified Tiles (PGVT). Mazzini also has an established domestic network and a growing export presence across international markets.
For the financial year ended March 31, 2026, Mazzini Tiles reported a turnover of ₹87.15 crore, compared with ₹76.67 crore in FY2024-25 and ₹78.23 crore in FY2023-24.
Apollo Pipes said the acquisition provides it with an operating manufacturing base, an established product portfolio and immediate access to the tiles market. The company plans to build on Mazzini’s existing capabilities while expanding its product range, distribution network and exports.
The company’s broader tiles and ceramics platform may undertake manufacturing, including contract manufacturing, along with trading, marketing and distribution of tiles, ceramics and allied products. Apollo Pipes also plans to use a combination of owned and contract manufacturing to support product expansion while maintaining capital efficiency.
The expansion strategy includes improving capacity utilisation at Mazzini’s existing facility, widening the dealer network, increasing exports and evaluating selective acquisitions. Apollo Pipes also intends to develop a design-led product portfolio for residential, commercial and institutional applications.
Sameer Gupta, Managing Director, Apollo Pipes Ltd, said the entry into ceramic tiles is an extension of the Group’s building materials business. He said Mazzini provides an operating base in Morbi, modern manufacturing capability, an established domestic network and a growing export presence, giving the company a starting platform for expansion in the category.
The acquisition is being undertaken on an arm’s-length basis and does not constitute a related-party transaction. Singhi Advisors acted as the exclusive M&A advisor for the transaction.
The acquisition marks Apollo Pipes’ entry into the ceramic tiles sector and provides the company with an existing manufacturing platform from which it plans to develop a larger tiles and ceramics business across domestic and international markets.
