Tiles manufacturer Asian Granito India today said it has entered into a joint venture with Paramshree Granito for setting up a greenfield facility for quartz stone at Prantij in Himmatnagar, Gujarat.
"The joint venture company Camrolla Quartz will invest around Rs 35 crore in setting up 1,600 square meters per day facility for quartz. Asian Granito will hold 51 per cent stake in the joint venture," it said in a statement.
The joint venture is likely to generate sales of around Rs 70 crore in the first year of operation in FY 2018-19, with 70 per cent of the production for export market.
US is the biggest market for quartz followed by Europe, Canada, Australia and New Zealand. Total market size for engineered quartz stone across the world is around 3 billion square meters, of which the US accounts for around 65 per cent.
The quartz stone market in India is pegged at Rs 200-250 crore and growing at 25-30 per cent per annum. Currently Asian Granito India has a market share of around 18-20 per cent in the branded quartz market.
Initially the company will start with 2 lines of production followed by addition of one line every six months till period of two years to have overall 6 lines. The plant will be operational by April 2018.
Asian Granito India's current capacity of quartz stone is 1,600 square meters a day which will double to 3,200 square meters a day post this joint venture.
Asian Granito India Chairman and Managing Director Kamlesh Patel said the company intends "to outsource the production of low value products and focus on high end tiles".
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