One of the largest Luxury Surfaces and Bathware Solutions brands in the country Asian Granito India Limited (AGL) has filed draft papers for the Rights Issue of equity shares to raise up to INR 500 Crores. The Company has lined up a Mega Expansion Plan in Value Added Luxury Surfaces & Bathware Segments such as GVT Tiles, Sanitaryware, and SPC Flooring segments.
The new entities which are incorporated for expansion include Future Ceramic Pvt Ltd, AGL Sanitaryware Pvt Ltd, AGL Surfaces Pvt Ltd.
The five-story display center is conceptualized in 1.5 lakh square feet of area and aims to showcase AGL Group’s production, technological excellence. The total estimated cost for setting up the Display Centre is around INR 40 crores. The commercial operations in all the three wholly-owned subsidiaries are expected to commence at the beginning of the financial year 2023-24. The Company has estimated that the total working capital requirement for all the three companies in the first year of commercial operations in 2023-24 will be around INR 80 crores.
The Chairman and Managing Director of Asian Granito India Ltd Mr. Kamlesh Patel said, “To fuel the Mega Expansion Plan in these segments and various strategic initiatives, the Board has approved the issuance of equity shares for up to INR 500 crores via Rights Issue.”
