Asian Granito completes Rs. 170-cr expansion at Crystal Ceramics.

Ceramics products maker, Asian Granito India Ltd. (AGIL), recently said it has completed the expansion at Crystal Ceramics Industries Pvt Ltd. - a subsidiary of the company.

The company has made a total investment of Rs. 170 crore in Crystal Ceramics.

Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd., said, “Acquisition of Crystal Ceramics was a strategic decision as along with the product range, it also enjoyed a natural gas supply arrangement with ONGC which is significantly lower than the prevailing market price. With this expansion, production capacity of Crystal Ceramics has reached 27,000 square meters a day. The new plant will be making double charged vitrified tiles in the large format of 800 X 800 mm and 1000 X 1000 mm for domestic as well exports. We also have the required infrastructure for future expansion at Crystal Ceramics.”

The BSE-listed AGIL had acquired Artistique Ceramic Pvt Ltd. in 2015-16 through amalgamation scheme approved by the Gujarat High Court.

According to Patel, the Indian tile industry is estimated at Rs. 26,000 crore in fiscal 2016 and is expected to grow at a CAGR of 13 per cent.

India’s low per capita tiles consumption of 0.5 sq mtr versus global average of 1.4 sq mtr, rising urbanisation, growing disposable income, potential in the rural and export markets provide a potential for the industry.

Government initiatives such as Make in India, The Smart Cities Mission, Housing for All, and The Swachh Bharat Abhiyan will give further boost to the industry. GST will also help to have a better trend for all branded segments and help in gaining better market share, Patel said.

HBL