Tile company Asian Granito India today said it is planning to double its capacity of quartz stone by investing Rs 20 crore to set up a third line of facility at its Himmatnagar plant in Gujarat, dedicated for exports.
Post-expansion, the company's capacity of its quartz stone would increase to 5.28 lakh square meter per annum in financial year 2017-18 from existing 2.64 lakh square meter. The capacity enhancement is likely to fetch additional sales of Rs 60 crore in financial year 2017-18, Asian Granito said in a statement here.
"Quartz, as a segment, contributes Rs 45 crore sales currently, which company expects to increase to Rs 125 crore over the next 2-3 years. The new line of quartz will be dedicated to exports. Company currently manufactures quartz slab of 12-15 mm thickness and will be producing 20 mm and 30 mm thickness slabs at the new facility," Asian Granito India Chairman and Managing Director Kamlesh Patel said.
The company currently has export orders worth Rs 6 crore.
According to the company, total market size for engineered quartz stone across world is around 5.7 million square meters of which US accounts for around 70 per cent.
"Post-expansion, revenue contribution from quartz segment is expected to double from 4.3 per cent to 9 per cent of the total sales," Asian Granito India Managing Director Mukesh Patel said.
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