Varmora Granito to invest around Rs. 300 crore in two plants in Morbi.

Varmora Granito, a tile and bathware manufacturer, will invest around Rs. 300 crore to set up two plants at Morbi in Gujarat. Company expects the plants to be fully commercial operations by April 2021.

Bhavesh Varmora, chairman, Varmora Group said, "The proposed expansion will help us to meet the growing demand from export market as well as serve the domestic markets better."

It plans to generate Rs. 1,600 crore revenue in the next 2-3 years. For the FY20 company reported sales of Rs. 1,100 crore.

"We are expecting a double digit growth in the sales in current financial year with a robust demand from export market especially North and South America, Europe, Africa and Middle East Countries," said Varmora.

The 35,000 sq meters per day facility for large format GVT tiles will generate 1,200 direct & indirect employment opportunities, claims the company.

With 11 plants, the company's currently installed production capacity stands at 1.1 lakh sq. meters per day.

ET