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Board of Madhav Marbles and Granites shelve plans to set up plant at Udaipur

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At meeting held on 10 August 2019

The Board of Madhav Marbles and Granites at its meeting held on 10 August 2019 approved the decision that the company will not set up a plant for manufacturing and processing of Quartz at Udaipur, Rajasthan through its Subsidiary Madhav Natural Stone Surfaces due to the petition filed with the U.S. Dept of Commerce (Commerce) and the U.S. International Trade Commission (Commission) seeking anti-dumping and countervailing duties on imports of certain quartz surface products from India. The matter is under determination and investigations and the final decision will come around in June 2020.

The company is in exploratory talks with some groups/parties to avert the current situation and for undertaking the project out of India, the outcome of which will be intimated to the Exchange and Investors in due time.

The company is also planning to increase its stake in Madhav Natural Stone Surfaces, the Subsidiary through investment in Share Capital.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, August 10 2019. 17:15 IST