NITCO LIMITED

Nitco Limited Limited was originally incorporated on July 25, 1966 as a private limited company as Nitco Tiles Private Limited. On January 25, 1996, the Company got converted into public limited company and the name was changed to Nitco Tiles Limited. Subsequently, the Company changed the name from Nitco Tiles Limited to Nitco Limited with effect from July 10, 2008. The company is one of the leading players in the tiles and marble business. The Company has manufacturing facilities in Maharashtra and Silvassa and sells primarily in India through independent dealers/distributors and modern trade. It works 3 product segments, namely Vitrified tiles, which sources tiles from Chinese manufacturers and manufactures gres porcelain tiles; Ceramic tiles, which includes diverse product mix of ceramic tiles, including glossy, matt, wood, metal, stone, leather, rustic, dirt-free and glazed aqua finishes, and Marble, which sources multiple shades and patterns from Italy and other countries. The company started their operations with a mosaic tile manufacturing facility at Thane in the state of Maharashtra having an initial capacity of 0.6 mn sq feet per annum. In the year 1984, they started their operations in Kanjur Marg for import, processing and distribution of marble in India. In March 1995, the company started setting up the Greenfield plant to manufacture ceramic floor tiles at an approx. cost of Rs 900 million at Alibaug, Maharashtra. In the year 1997, they started full-scale commercial production at Alibaug, Maharashtra with a capacity of 10000 sq. mts. per day. In the year 2001, Mahalaxmi Tiles & Marble Company Pvt Ltd, engaged in the business of manufacture of mosaic tiles merged with the company, which increased their total capacity to 7.4 mn sq ft per annum. Also, Cospar Impex Pvt Ltd, which was engaged in import of marble, merged with the company. In the year 2002, the company set up a unit in Silvassa for processing and sale of imported marble. They made a tie up with Nanhai Shangyuan Oulian Construction Ceramics Co Ltd (now known as Foshan Chancheng Oulian Construction Ceramic Company Ltd, manufacturer of vitrified tiles from China) and Prestige General Trading (Dubai, the exporter of said vitrified tiles) for sourcing their entire requirement of vitrified tiles from them. In the year 2004, the company started manufacturing paving tiles. Also, they upgraded Alibaug plant for manufacturing Porcelain tiles. During the year 2005-06, the company increased production capacity of Mosaic Tiles from 84.86 sq ft to 90.88 sq ft. In March 2006, they installed six windmills of 7.5 MW capacity at Dhule in Maharashtra. Also, they increased ceramic floor tile capacity by 56% and commissioned in May 2006. During the year 2006-07, the company introduced innovative products, namely Timberland, Metallica, Steps and Risers, Dholpur Series, Slate Stone Series, Estonia, Matrix, Pietre Del Sol, Art Stone, Innova and African Slate. In May 2006, they undertook a capacity expansion in premium tiles of 22.80 lakh sq met per annum at Alibaug factory. During the year, the company appointed an additional outsourcing partner for vitrified tiles in China, facilitating scale and derisking. They incorporated Realties Pvt Ltd as a wholly owned subsidiary company to carry out real estate activities. During the year 2007-08, the company launched several innovative products in Ceramic and Vitrified tiles categories. In Ceramic tiles, they launched Metallica, Innova Series, Vintage Series, Estonia Series, Breton Stone Series, Timberland Series, Matrix Series, Country Series and Ethinica. In Vitrified tiles, they launched Orient White, Java, Taiga, Florence, Viva, Milano and Murano. During the year 2008, the company commenced construction of two IT parks in Thane and a premium residential project in Worli. They launched 12 Le Studios across major Indian cities. During the year 2008-09, the company commissioned the new plant for the manufacture of premium Gres Porcelain Tiles-Naturoc. Initially, the company manufactured mosaic tiles. Over the year, they have added several new products namely marble, ceramic tiles, vitrified tiles, cement, etc., and have built a strong distribution network which caters to the building construction industry. During the year 2009-10, the company launched new brand 'NATUROC', a superior quality gres porcelain floor tiles manufactured for the first time in India and also launched a large collection of wall tiles. They installed an automatic palletiser to reduce handling breakages Embarked on the co-generation of 5.5 MW. The company invested in a marble quarry through a wholly owned subsidiary in Turkey. In January 2011, the company commissioned 5.5 MW co-generation captive power plant (supplied by Turbomach S A, Switzerland) at their ceramic tile manufacturing facility at Alibaug in Maharashtra. Also, the expansion at the state-of-the-art marble processing plant at Silvassa was completed during the financial year 2010-11. Particle Boards India Ltd (PBIL), step down subsidiary was amalgamated with the Company in 2010-11 and made effective from August 01, 2011. In terms of the said Scheme of Amalgamation, 4,76,580 equity shares of Rs. 10 each of the Company were allotted to the shareholders of the erstwhile PBIL on August 12, 2011. The Marble processing plant at Silvassa commenced commercial operations in 2012. The Company installed automatic palletizer and polishing Line at ceramic tiles plant at Alibaug. The Company in 2013, acquired 51% stake in the equity of New Vardhman Vitrified Private Limited (NVVPL) and the said Company had set up a plant in Wakaner, Morbi, Gujarat for manufacturing 8 million sq. mtrs (approximately) of vitrified tiles and wall tiles. The plant has commenced its production towards the end of the financial year 2012-13. In 2015-16, the Company subsidiary, NVVPL carried out an extension of the existing plant to produce Glazed Vitrified Tiles with a capacity of 1.8 million sq.mtrs. The plant commenced manufacture of GVT during last quarter of FY 2015-16. The Company in 2021-22, launched an industry first premium collection 'GIBRALTOR' comprising 11 pastel shades of 'Pop Up' colours (600 cm X1200 cm) across its dealerships on December 9, 2021. It also launched 5 new designs (600mm X 600mm) under its Full Body Vitrified portfolio for the retail segment. Apart from these innovative and technical tiles, Nitco also launched 16 new designs in a new segment of 400mm X400mm Exterior Floor Tiles under brand Kratos. In 2022-23, it opened 27 franchise stores. The NITCO's first International Experience Centre launched in Nepal in FY 2023-24. This marked a significant milestone in the region's design and architectural landscape. Company also launched monotone minimalistic shades like hues of neutral grey, Jet black n white in FY 2024. During the year 2024-25, the Company acquired 100% stake in Rejoice Realty Private Limited & Norita Investments Pvt. Ltd. and 25% stake in Anand Shree Bombay (Holding) Pvt Ltd. Accordingly, Rejoice Realty Private Limited and Norita Investments Pvt. Ltd. became Wholly Owned Subsidiary Companies of the Company with effect from January 27, 2025. The Company launched three premium residential projects in Mumbai and Pune, covering over 2.5 million sq. ft., and acquired prime land in MMR and Bengaluru for upcoming mixed use luxury developments in FY 2025.