Asian Granito India Ltd (AGL) lines up Mega Expansion Plan to set up Multiple State-of-the Art Manufacturing Units

Ahmedabad, Monday, March 21, 2022: Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country, has filed draft papers (Draft Letter of Offer) for Rights Issue of equity shares to raise up to INR 500 Crores (USD 70 Mn). The Company has lined up Mega Expansion Plan in Value Added Luxury Surfaces & 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 approx. 1.5 lakh sq. feet 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.

Commenting on the development, Mr. Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd, said, "Indian Industry has been witnessing significant shift in the recent years from Double Charge Tiles to Value Added Large Format GVT Tiles and Slabs. Although, Double Charge Tiles still holds major share in the overall demand and is well penetrated across the market, however, with new technologies emerging, to manufacture innovative designs through glazing & digital printing, GVT and PGVT are expected to grow at higher rates in medium to long term. In Sanitaryware, India is 2nd largest manufacturer after China and one of the fastest growing markets globally with immense opportunities led by various micro and macro factors and policy initiatives. Similarly, SPC Flooring is also emerging as the fastest hard flooring product across the globe due to its varied advantages over other hard flooring products including ease of installation, heat & water resistant characteristics, etc.. Currently, AGL has presence in GVT Tiles and Sanitaryware through own manufacturing as well as third party manufacturing. To fuel the Mega Expansion Plan in these segments and various strategic initiatives, the Board has approved issuance of equity shares for up to INR 500 crores via Rights Issue. With commercialisation of the proposed plans as above, AGL is expected to further strengthen its position as an Integrated Luxury Surfaces and Bathware Solutions Brand and up the Group?s margin profile in near to medium term."

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