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 1 July 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 Rs. 174 crores. The plant is expected to generate revenue of around Rs. 300 crores at optimum capacity.
Commenting on the development, Mr. 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 Rs. 6,000 crores 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 Rs. 441 crores through Rights issue. Under mega expansion plans, Asian Granito 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. In the month of May 2022, Future Ceramic Pvt Ltd acquired 69,506 square mtr land for the expansion of GVT facilities and completed necessary due diligence.
Shares of Asian Granito India Limited was last trading in BSE at Rs. 40.75 as compared to the previous close of Rs. 40.35. The total number of shares traded during the day was 149372 in over 3083 trades.
The stock hit an intraday high of Rs. 41.75 and intraday low of 39.55. The net turnover during the day was Rs. 6103846.00.