Asian Granito to divest from JV
The Gujarat-based tile maker, Asian Granito India Limited (AGIL), said that company has passed a circular resolution for divestment from its joint venture AGL Panaria Private limited.
Asian Granito had entered the JV with Panaria Private Limited, Italy in 2012. The major focus of the joint venture was to benefit from the advanced technology of Panaria and cater to the high-end market segment in India. In the JV, 50 per cent of the stake, that is 94,16,500 equity shares were held by Asian Granito India Limited.
The company cited the changed market scenario in the Indian tiles sector and technology advancements as a reason for the decision. It also added that the company has upgraded its capacities to cater to all types of market requirements in the domestic as well as the export segment. These developments encouraged the management to take the divestment decision.
AGIL aims to become a complete bathroom solution player and has entered the sanitaryware segment with around 160 stock keeping units (SKUs). It made an investment of around Rs. 8 crore and adopted an asset-light model. The company is expecting the commercial launch of 'AGL Sanitaryware' in June 2019.
On Wednesday, the stock touched an intraday high of Rs. 233.35 per share and close the day at Rs.
233.80 per share, up by Rs. 6.60 or 2.90 per cent on BSE.