 "Varmora to invest Rs 300 crore in two greenfield tile plants in Gujarat")
One of the leading tile and bathware brands, Varmora Granito Pvt Ltd, is setting up two plants at Morbi in Gujarat for manufacturing large format glazed vitrified (GVT) tiles.
The company is planning to invest around Rs 300 crore for 35,000 sq meters per day facility which is expected to be commissioned by April 2021. Even as the new project looks to generate 1,200 direct & indirect employment opportunities, the company has set a target of Rs 1600 crore revenue in the next 2-3 years, with Varmora Granito reporting sales of Rs 1100 crore for the fiscal year 2019-20.
According to Bhavesh Varmora, Chairman of the Varmora Group, the company is looking to strengthen its identity as the leader in the Indian ceramic industry by consistently introducing innovative and value-added products in the market. "The proposed expansion will help us to meet the growing demand from export market as well as serve the domestic markets better," he added.
Varmora Granito is ranked amongst top tile and bathware brand in India and manufacturing a wide range of wall and floor tiles, slabs, sanitaryware, faucets and kitchen sinks. With 11 plants, the company's installed production capacity stands at 110,000 sq. mtr. per day which will go up to nearly 150,000 sq. mtr. per day post expansion.
Varmora stated that the company was 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. Even as it sets a target of Rs 1,600 crore revenue, the company plans to expand export network to 100 plus countries from 70 currently and increase exclusive showrooms to over 320.
The company offers wide range of products including ceramic floor, digital wall, parking, porcelain, digital glazed vitrified, double charge, outdoor and slabs, among others.
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