Business Daily from THE HINDU group of publications
Sunday, May 11, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Sunday, May 11, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Overseas Investments Alliance Minerals setting up marble process plant in Vietnam AMPL owns quarries in Andhra Pradesh and Orissa and is looking for more — both in India and abroad. It intends to enter the domestic market with products for large infrastructure projects. T. Murrali Chennai, May 10 The Chennai-based Alliance Minerals Pvt Ltd (AMPL), the natural stone business arm of the Rs 500-crore industrial minerals processing and exporting major, Gimpex Group, is setting up a marble process plant in Vietnam. The Chairman of AMPL, Mr S.P. Goenka, told Business Line that commissioning of the plant in Haipong, Vietnam, will make the company’s foray into marbles business. AMPL has invested $2.5 million in acquiring a marble quarry and constructing the plant, which can process 1.5 lakh sq metres of marbles a year. The plant will be up and running next month, he said. Recently, AMPL had set up a warehouse in Iowa in the US to facilitate catering to the local market, Mr Goenka said. The company is looking at going for an IPO in 2010-11, he added. Hitherto, the company was quarrying and processing granites at its plants in Tada, about 70 km north of Chennai. Couple of months ago, the company had set up its latest manufacturing facility in Tada at an investment of Rs 50 crore to process 2.5 lakh sq metres of granite a year. The Senior Vice-President of the company, Mr Govind Rajan, said Gimpex Group has two granite processing companies, Mercury Granites Pvt Ltd and India Real Stone Pvt Ltd, which together reported sales of Rs 23 crore last year. These companies are to be merged with AMPL and with its foray in the new geographies and business, it is set to cross Rs 100 crore as turnover this year. AMPL owns quarries in Andhra Pradesh and Orissa and is looking for more — both in India and abroad. It intends to enter the domestic market with products for large infrastructure projects. Further, from making just granite slabs, AMPL intends to move up the value chain and get into products such as monuments with inlays and counter-tops. A dedicated line is to be set up at the Tada plant, with an investment of Rs 10 crore. More Stories on : Overseas Investments | Granite & Marble
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