Asian Granito Limited (AGL) one of the major tiles maken in the country has recently opened its rights issue for subscription for its shareholders. The issue which opened on April 25, will close on May 10. The company aims to raise Rs 441 crore for its mega expansion plans to set up three new facilities in Morbi. A report by SURFACES REPORTER (SR).
Kamlesh Patel, Chairman & MD, AGL said, "AGL has lined up major expansion plans in Morbi, keeping in mind startegic locational advantages, proximity to the raw material sources, easy and quick availability of manpower, proximity to some of the country's largest ports, among others."
Mega Expansion Plans
Earlier, in the month of March, AGL has unvieled its 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. For the entire development, the brand is hoping to raise upto Rs 500 Cr from the market.