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Asian Granito lines up mega expansion plans

Monday, 21 Mar 2022
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Asian Granito India (AGL), a luxury surfaces and bathware solutions brands, has filed draft papers (draft letter of offer) for rights issue of equity shares to raise up to Rs 500 crore (USD 70 million).  
The company has lined up mega expansion plans in value added luxury surfaces and bathware segments such as GVT tiles, sanitaryware and SPC flooring segments through setting up new state-of-the-art manufacturing facilities at Morbi, Gujarat, under newly incorporated wholly-owned subsidiaries.  
The company is also setting up one of the world’s largest display centres covering an area of approximately 1.5 lakh sq ft at Morbi, Gujarat to showcase Group's entire product range under single roof. 
The new manufacturing facilities are expected to commence commercial operations in April 2023. 
The new entities incorporated for expansion are Future Ceramic (FCPL) to manufacture value added large format glazed vitrified tiles (GVT). FCPL is setting up a new manufacturing facility at Morbi, Gujarat with an installed capacity of 6.6 million sq mtr per annum. The total estimated cost for setting up the new manufacturing unit in FCPL is around Rs 175 crore. 
AGL Sanitaryware plans to establish in-house manufacturing unit of sanitaryware products. In a move to strengthen and scale up the sanitaryware segment, the group is setting up manufacturing facility at Morbi, with an installed capacity of 0.66 million pieces per annum with an estimated cost of around Rs 50 crore. 
AGL Surfaces (ASFPL) will manufacture innovative new age stone plastic composite (SPC) flooring. The company would set up a manufacturing facility at Morbi with an installed capacity of 2.97 million sq mtr of flooring per annum, estimated to cost around Rs 35 crore. 
The commercial operations in all the three wholly owned subsidiaries are expected to commence in the beginning of FY24.
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