(Cover image: Mr. Hitesh Detroja, CEO, Liolii Ceramica welcoming Mr. Yuval Dagim, CEO, Caesarstone Ltd to India)
Ceasarstone Limited- a global leader in the premium quartz industry enters into a contract for majority ownership acquisition of Morbi-Gujarat based innovative and technologically advanced manufacturer of Ceramics- Lioli Ceramica. Caesarstone Limited is a firm based out of Israel and publicly traded on NASDAQ. This Caesarstone-Lioli agreement is the first cross border partnership in building construction materials domain post-COVID-19 outbreak. It will also fortify the government’s ‘Make in India’campaign.
The definitive agreement between Ceasarstone Ltd and Lioli Ceramica includes a cash investment of nearly US$22 million which is equal to Rs160 crore, dependent on the attainment of certain targets.
The deal is expected to get closed in 2020, conditional on customary closing conditions. Pantomath Capital Advisors is the only investment banker and financial & tax advisors to Lioli Ceramica.
Incepted in 2016, Lioli has established its foothold in the ceramic industry in a very short period. Today, it exports to around 35 countries. Lioli also houses 80% of India’s ceramic vitrified tile manufacturing units.ß
Lioli Ceramica Pvt Ltd is perhaps the first of its type of Mega-sized countertop slabs and tiles in Asia. Incepted in 2016, Lioli has established its foothold in the ceramic industry in a very short period. Today, it exports to around 35 countries. Lioli also houses 80% of India’s ceramic vitrified tile manufacturing units. Recently, the total workforce of Lioli is approx. 400 people.
Hitesh Deteroja, CEO of Lioli Ceramica Pvt. Ltd. commented, “We are excited to join forces with Caesarstone and to be part of its global vision and growth acceleration plan. We are Asia’s one of the first mega-sized porcelain countertop producers with a state-of-the-art technologically advanced manufacturing facility. Our diversified premium products are geared to cater to Caesarstone’s global network to further enhance customer experiences.”
“Caesarstone-Lioli transaction is the first such cross border strategic transaction in building construction materials industry post-COVID-19 break-out and we do believe that it would be a significant boost to ‘Make in India’.
Lioli getting FDI is a milestone not only for Lioli but for the entire industry and we believe that this landmark deal would open up the sector and help Indian manufacturers go global, expand output, and boost employment” said Ms. Madhu Lunawat, Co-Founder, Pantomath Capital Advisors Pvt Ltd, investment banker and financial & tax advisors to Lioli Ceramica for the transaction.
Director of Lioli Ceramica Pvt Ltd-Milan Gadara said, “Our state-of-the-art manufacturing facility is a matter of pride for the entire industry. We are committed to adopting a global standard backed by the highest code of business conduct.”
As Ceramics today is one of the rapidly growing categories in the international countertop market, the combination of Caesarstone’s dominant presence in quartz surfaces, with Lioli’s advanced production technology is an ideal strategic combination.
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