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History of Nitco Ltd.

The NITCO Group came into existence in the year 1956 with the formation of partnership firm at Delhi under the name of The Northern India Tiles Corporation [Delhis] for manufacturing mosaic tiles. The partners of this firm were Mr. A.N. Talwar [HUFs], Mr. P.N. Talwar & Mr. W. N. Talwar.

In the year 1964, another partnership firm was formed under the name of The Northern India Tiles Corporation [Bombays], with Mr.A.N.Talwar, Mr. P.N.Talwar, Mr.W.N.Talwar, & others as partners to manufacture mosaic tiles at Thane, Mumbai, wherein by an agreement, a license was granted by The Northern India Tiles Corporation [Delhis] to use the brand 'NITCO'.

NITCO Group is engaged in segments relating to construction industry, which includes building products, manufacturing tiles, paints & other construction activities. Our Comp. is the flagship Comp. of group. Mr. Vivek Talwar & Ms. Poonam Talwar, son & daughter of Mr. Pran Nath Talwar respectively, joined the Nitco Group & are now in charge of management of our Comp. as well as our group companies.

Our Company

Nitco Tiles Private Limited was incorporated on July 25, 1966 at Delhi to take over the business of manufacturing & marketing of tiles from The Northern India Tiles Corporation [Bombays]. On May 11, 1973, the registered office of Comp. was shifted from the Union Territory of Delhi to the State of Maharashtra vide order of High Court at Delhi. Subsequently, our Comp. 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 business of partnership firm, our Company started to manufacture mosaic & terrazzo tiles at Thane, Maharashtra. In 1984, we started our operation at Kanjurmarg, Mumbai for processing & distribution of imported marble in India. Growing further, in 1995, we began the implementation of green field project for manufacture of ceramic floor tiles at Alibaug, Maharashtra & 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 Comp. commenced to set up a project for 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, promoter contribution of Rs. 222 mn & 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 & cost overrun to the extent of Rs. 80 mn.

2006

-Nitco Tiles enters into CMA with Foshan Lungo Ceramics

2008

- Comp. name has been changed from Nitco Tiles Ltd to Nitco Ltd.