|The NITCO Group came into existence in the year 1956 with the
formation of a partnership firm at Delhi under the name of The
Northern India Tiles Corporation (Delhi) for manufacturing mosaic
tiles. The partners of this firm were Mr. A.N. Talwar (HUF), Mr. P.N.
Talwar and Mr. W. N. Talwar.
In the year 1964, another partnership firm was formed under the
name of The Northern India Tiles Corporation (Bombay), with
Mr.A.N.Talwar, Mr. P.N.Talwar, Mr.W.N.Talwar, and others as
partners to manufacture mosaic tiles at Thane, Mumbai, wherein by
an agreement, a license was granted by The Northern India Tiles
Corporation (Delhi) to use the brand 'NITCO'.
NITCO Group is engaged in segments relating to construction industry,
which includes building products, manufacturing tiles, paints and other
construction activities. Our Company is the flagship company of the
group. Mr. Vivek Talwar and Ms. Poonam Talwar, son and daughter
of Mr. Pran Nath Talwar respectively, joined the Nitco Group and
are now in charge of the management of our Company as well as
our group companies.
Nitco Tiles Private Limited was incorporated on July 25, 1966 at Delhi
to take over the business of manufacturing and marketing of tiles from
The Northern India Tiles Corporation (Bombay). On May 11, 1973,
the registered office of the Company was shifted from the Union Territory
of Delhi to the State of Maharashtra vide order of the High Court at Delhi.
Subsequently, our company was converted into a public limited company
with effect from January 25, 1996. Pursuant to this, the name of our
Company changed to Nitco Tiles Limited.
Pursuant to the take over of the business of the partnership firm, our
Company started to manufacture mosaic and terrazzo tiles at Thane,
Maharashtra. In 1984, we started our operation at Kanjurmarg, Mumbai
for processing and distribution of imported marble in India. Growing further,
in 1995, we began the implementation of a green field project for
manufacture of ceramic floor tiles at Alibaug, Maharashtra and started the
commercial production of ceramic tiles in 1997. In 2002, we started one
more marble processing unit at Slivassa. In 2004, we scaled up operations
of outsourcing vitrified tiles from China. Currently, our product portfolio
comprises of ceramic tiles, vitrified/wall tiles, cement terrazzo tiles, pavers
and marbles etc.
In 1995, our Company commenced to set up a project for the manufacture
of ceramic tiles at Alibaug in Maharashtra. The project cost was appraised by
ICICI at Rs. 812 mn. The cost of setting up the project was proposed to be
financed through a mix of debt of Rs. 451 mn, promoters contribution of
Rs. 222 mn and public issue of equity shares of Rs. 139 mn. for which our
Company received the SEBI acknowledgment card in February 1997.
However, we decided not to proceed ahead with the public issue due to
bad market conditions. We successfully completed the project in 1997 with
a delay of ten months and cost overrun to the extent of Rs. 80 mn.
-Nitco Tiles enters into CMA with Foshan Lungo Ceramics
- Company name has been changed from Nitco Tiles Ltd to Nitco Ltd.