Tiles maker Asian Granito India Ltd (AGIL) Friday said it plans to enter the sanitaryware market and eyes up to Rs 100 crore turnover from the new business in 4-5 years.
"The company is entering the sanitaryware segment with 160 stock keeping units (SKUs) in products, including wash basins, water closets and urinals. Commercial launch of 'AGL Sanitaryware' is expected by June 2019 across India," the company said in a statement.
The company is investing around Rs 8 crore for the expansion in the sanitaryware business and expect the segment to contribute around Rs 80-100 crore in the next 4-5 years, Asian Granito India added.
Asian Granito India Chairman and Managing Director Kamlesh Patel said expansion in the sanitaryware is in line with the company's growth strategy to focus on asset light and capital light business model, becoming a strong retail brand in the domestic as well as exports market and achieve a leadership position in key business segments.
Patel said the company will source products from domestic markets as well as import from Europe and China in the first phase.
The company will also set up its own manufacturing facilities later.
Asian Granito India said it will look to leverage its existing tiles marketing and distribution network for the sanitaryware business.
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