Asian Granito India completes land acquisition for its three new greenfield manufacturing plants in Morbi, Gujarat

26 Mar 2024 , 03:13 PM

Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has completed land acquisition for all its three upcoming greenfield manufacturing plants in Morbi, Gujarat. The Company plans to commence civil works including site development, building - construction and engineering works at the three manufacturing sites soon.

Under mega expansion plans, the Company plans to set up three state-of-the-art manufacturing facilities at Morbi, Gujarat in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring.

The Company is also setting up one of the India’s largest Display Centre at Morbi.

Commenting on the development, Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, "Company has completed land acquisition and necessary due diligence including land payment, registration and stamp duty fees for setting up plants under Future Ceramics Pvt Ltd, AGL Sanitaryware and AGL Surfaces Pvt Ltd. Civil & engineering works at the sites will begin very soon.

Company has acquired 69,506 sq mtr for Future Ceramics plant, 18,715 sq mtr for AGL Surfaces Plant and 45,122 sq mtr for AGL Sanitaryware plant respectively. AGL is expected to strengthen its leadership position and expected to generated sales of Rs. 1,000 - 1,200 crore per annum from the three plants and display centre."

Asian Granito India ended at Rs60.75 apiece down by Rs4.65 or 7.11% from its previous closing of Rs65.40 apiece on the BSE.