Financial Daily from THE HINDU group of publications
Thursday, Feb 23, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 23, 2006 |
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Corporate
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New Projects Kajaria Ceramics plans Rs 123-cr expansion Our Bureau
IN EXPANSION MODE: Mr Ashok Kajaria (right), Managing Director, Kajaria Ceramics Ltd, and Mr Sanjeev Agarwal, General Manager (Finance), at a press conference in Mumbai on Wednesday. - Shashi Ashiwal
Mumbai , Feb. 22 PROJECTIONS of a faster growth rate in the housing and real estate sectors are prompting ceramic manufacturers to expand their capacities to meet the increase in demand. Kajaria Ceramics Ltd (KCL), manufacturer of ceramic tiles, has put up on its drawing board an expansion programme in tune with the prevailing trend in the industry. The company is eyeing a capacity of 40 million sq.mt. and a turnover of Rs 1,000 crore by March 2010. KCL, which at present has two plants in UP and Rajasthan with a combined capacity of 18 million sq.mt., is in the process of implementing an expansion programme to raise its capacity by another 8.4 million sq.mt.. "The expansion is being carried out at a cost of Rs 123 crore with a mix of debts of Rs 80 crore and internal accrual of Rs 43 crore. In a step towards that, the company has already taken the approval for the issue of a GDR or FCCBs up to $30 million. The project is expected to be completed by September 2006. After this, we will become the largest producer of ceramic wall and floor tiles in the country," Mr Ashok Kajaria, Chairman and Managing Director, told presspersons here on Wednesday. The company is also sharpening its focus on exports, opening its office in Sharjah, which will function as the marketing arm of the company in the Gulf. According to Mr Kajaria, the Indian ceramic market was about 270 million sq. mt. with a turnover of Rs 5,500 crore. India accounted for 4.1 per cent of the global production of ceramics.
More Stories on : New Projects | Ceramics
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