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Incorporated on 9 Jan.'92, Asian Agalite (India) was promoted by Rajiv R Saida and associates.
The company is engaged in mining steatite, which is anhydrous magnesium silicate and is well-known for its softness, greasy feel, and pearly lustre, and is free from grit and white to greenish in colour.
Steatite is used in cosmetics, talcum powder, beauty soaps, paints, toiletries, pharmaceuticals, detergents, etc. It is used as an inert extender in emulsion paints and industrial enamels. It also finds use as a filler in many industries like rubber, textiles, pesticides, fertilisers, etc.
The company came out with a public issue in May '93 to part-finance the mechanisation of its mining and to augment long-term working capital resources.
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