Asian Granito's arm Future Ceramics begins work on Glazed Vitrified plant at Morbi

Plant's Bhoomi Poojan was completed on the auspicious day of Rath Yatra, July 1, 2022.

July 04, 2022 12:26 IST | India Infoline News Service
Future Ceramic Pvt Ltd - a wholly owned subsidiary of Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has commenced work on the large format glazed vitrified tiles (GVT) plant at Morbi.

Land acquisition of the plant was completed in the month of May 2022. Bhoomi Poojan of the plant was completed on the auspicious day of Rath Yatra on Friday July 01, 2022.

To tap the vast potential in the GVT space, Future Ceramic Pvt Ltd is setting up a plant to manufacture value added large format GVT tiles in 1200x1200 mm, 1200x1800 mm, 1200x2400 mm, 800x1600 mm and 800x2400 mm formats. Installed capacity of the plant is 6.60 million sq. mtrs. per annum. Total estimated cost for setting up the unit is around Rs174 crore. The plant is expected to generate revenue of around Rs300 crore at optimum capacity.

Commenting on the development, Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, "Company is progressing as per the well-defined growth roadmap and we are committed to complete all our expansion on or before deadline. With commercialisation of the proposed plans, AGL is expected to strengthen its position as an Integrated Luxury Surfaces and Bathware Solutions Brand and up the Group’s margin profile in near to medium term.

Company’s Enhanced Strategic Integration Programme (ESIP) is targeted to expand the margins and place the Company further up in the league table of Luxury Surfaces and Bathware Solutions Players. The expansion plans will take company closer to its vision to achieve Rs6,000 crore in topline in medium to long term.”

Expansion at Future Ceramic Pvt Ltd is a part of Asian Granito India Ltd's mega expansion plans for which it has raised Rs441 crore through Rights issue.

At around 12:30 PM, Asian Granito India was trading at Rs40.65 per share down by Rs0.1 or 0.25% from its previous closing of Rs40.75 per share on the BSE.

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