RAK Ceramics fully acquires Indian subsidiary
UAE-based RAK Ceramics acquired 8% minority shares of its subsidiary RAK India, and now fully owns operations in India. The company setup operations in India nine years ago to capitalise on rising demand, growing construction projects, high urbanisation rates and government direction towards sanitisation.
It has three production lines in India, with a current capacity of 8 million square metres of tiles.
The announcement follows RAK Ceramics’ recent 100% acquisition of its Iranian operations.
In 2014, RAK India operations contributed 16% of total tiles sales volume and 13% of sanitary ware.
Based on these results, the company now aims to expand in India by 52% for sanitary ware to reach 1.1 million pieces by 2016.
Abdallah Massaad, CEO of RAK Ceramics said: “India is a strong market with great potential for us. It is among the fastest growing markets in the world and has witnessed a dramatically renewed optimism for its economic prospects with a rising demand for building materials and construction projects; a very promising sign for RAK Ceramics.”