Business – Page 960 – I Am Bhojpuriya

Asian Granito India Ltd’s Rs. 441 Crores Rights Issue opens for subscription – Primex News Network

Mr Kamlesh Patel, CMD and Mr Mukesh Patel, MD, Asian Granito India Ltd

Trading of Rights Entitlements will begin from April 25 to May 5 on BSE and NSE;

Company’s Rights Issue opens on April 25th and close on May 10th

Highlights:-

Funds raised through the Issue shall be utilised towards the Company’s Mega Expansion Plans in Value added Luxury Surfaces and Bathware Segments, setting up one of the India’s largest Display Centres, working capital requirements of the above new projects and general corporate purposes
The Rights Entitlement Ratio for the proposed Rights Issue is 37:30 (37 Rights Equity Shares of INR 10 each for every 30 equity shares of INR 10 each held by the equity shareholders as on the Record Date. The company to offer 7 Crores Equity Shares through this Rights Issue
Promoter Group shareholders have confirmed their participation of upto 28.99% of the total Issue Size i.e. upto 100% of their current shareholding, amounting INR 128 Crores
Post Completion of the Issue, total outstanding Equity Shares of the Company to increase to 12.67 crores from 5.67 crores shares.

Ahmedabad (Gujarat) [India], April 26: Rights issue of Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country is open for subscription for its shareholders. The issue opens on April 25 and will close on May 10. Company is raising Rs. 441 crores through the rights issue to fund its Mega Expansion Plans Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring etc. Equity Shares under the Rights Issue are offered at a price of INR 63 per Share i.e. 24% discount to the closing share price of Rs. 82.9 per share on April 22, 2022 on NSE. Trading of the Rights Entitlements allotted to eligible shareholders is available on BSE and NSE between April 25 to May 5 (for online) and till May 10 (offline).

The Company will issue upto 6,99,93,682 fully paid-up Equity Shares of face value of INR 10 each for cash at a price of INR 63 per Equity Share (including a premium of INR 53 per Equity Share) aggregating INR 440.96 crore on a rights basis to eligible equity shareholders in the ratio of 37:30 (37 Equity Shares for every 30 Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders). Company had fixed April 12, 2022 as record date for the purpose of determining equity shareholders entitled to receive the rights entitlement in the rights issue. Last date for On-market Renunciation of Rights Entitlements is May 5, 2022.

Proceeds of the Rights issue will be utilised to set up three new state-of-the-art manufacturing facilities at Morbi, Gujarat in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring, setting up one of the India’s largest Display Centre, funding the working capital requirements of the above new projects and general corporate purposes.

The Promoter & Promoter Group shareholders have confirmed their participation of up to 28.99% shareholding (i.e. upto 100% of their current shareholding) amounting to Rs. 128 crores. Promoter and Promoter Group shareholders have also indicated that in case the Issue is undersubscribed, they reserve the right to subscribe to part or the whole amount of the unsubscribed portion, subject to applicable laws. Post completion of the Issue, total outstanding shares of the Company would increase to 12,67,45,316 equity shares from 5,67,51,634 equity shares as on March 31, 2022. Pantomath Capital Advisors Pvt. Ltd. is the sole lead managers to the rights issue.

Commenting on the development, Mr. Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, “Morbi is India’s hub for Ceramic Tiles & Sanitaryware and accounts for more than 80% of the country’s total production, housing over 1,100 manufacturing units. AGL has lined up major expansion plans in Morbi region in the state of Gujarat, keeping in mind strategic locational advantages, proximity to the raw material sources, easy & quick availability of manpower, proximity to some of the country’s largest ports, among others. With commercialisation of the proposed plans, AGL is expected to strengthen its position as an Integrated Luxury Surfaces and Bathware Solutions Brand and up the Group’s margin profile in near to medium term.”

New entities incorporated for Expansion:-

 Future Ceramic Pvt Ltd – FCPL (wholly owned subsidiary of AGL) to manufacture Value Added Large Format Glazed Vitrified Tiles (GVT) in 1200×1200 mm, 1200×1800 mm, 1200×2400 mm, 800×1600 mm and 800×2400 mm formats. To capture the vast opportunities in the GVT space, FCPL is setting up a new manufacturing facility at Morbi, Gujarat with an installed capacity of 5.94 million sq. mtrs. per annum. Total estimated cost for setting up the new manufacturing unit in FCPL is around INR 174 crores.

 AGL Sanitaryware Pvt Ltd – ASWPL (wholly owned subsidiary of AGL) plans to establish in-house manufacturing unit of Sanitaryware products. Currently, AGL deals in a range of Sanitaryware products, manufactured through third party manufacturers and imported from outside India, and are marketed under AGL Brand. To strengthen and scale up the Sanitaryware segment, the Group is setting up manufacturing facility at Morbi, with an installed capacity of 0.66 million pieces per annum. Estimated cost for setting up the proposed new unit is around INR 46 crores.

 AGL Surfaces Pvt Ltd – ASFPL (a wholly owned subsidiary of AGL) to manufacture innovative new age Stone Plastic Composite (SPC) flooring. ASFPL is incorporated as part of the Company’s strategy to expand product portfolio and presence in high growth oriented export markets through value added offerings. The manufacturing facility is proposed to be set up at Morbi with an installed capacity of 2.97 million sq. mtrs. of flooring per annum. Total estimated cost for setting up the new manufacturing unit in ASFPL is around INR 33 crores.

The Company has estimated that total working capital requirement for all the New Projects in the first year of commercial operations in 2023-24 will be around INR 80 crores, for which company is planning to utilise around INR 37 crores out of Rights Issue Proceeds.

The Company is also setting up one of the World’s largest display centre at India’s Ceramic Tiles hub – Morbi, Gujarat to showcase AGL Group’s entire product range under single roof i.e. Tiles, Sanitaryware, Bathware, Quartz & Engineered Marble, SPC, etc. The five storey display centre is conceptualised in 1.5 lakh square feet of area and aims to showcase AGL Group’s production, technological excellence and best in class sourcing caliber at single place and is also expected to enhance Company’s brand and reach. Total estimated cost for setting up the Display Centre is around INR 40 crores. The Company currently exports to more than 100 countries and planning to expand to 120 plus countries. Company targets to increase its retail touch points to over 10,000, expand exclusive showrooms to over 500.

The Net Proceeds of the Rights Issue shall be used for the Proposed Projects. Additionally, the Company also proposes to deploy the proceeds of the Rights Issue to meet general corporate purposes including other strategic initiatives, debt reduction in group, brand building and strengthening, marketing activities, and ongoing general corporate exigencies.

Highlights of Key Strategic Initiatives and Milestones achieved in FY22:-

 ICRA upgrades rating of Asian Granito India Ltd to “A Positive with a Stable Outlook”.

 Exited its non-core investment in Astron Paper Board Mill Ltd with a LTCG free profit of INR 38 crores to focus on core business.

 Crystal Ceramic Industries Private Limited (subsidiary of AGL) completed a major expansion of 12,000 sq. mtrs. per day Glazed Vitrified Tiles with investment of INR 25 crores at Mehsana, Gujarat in June 2021, taking its total installed capacity to 36,000 sq. mtrs. per day.

 The Company has entered into a manufacturing outsourcing agreement with its associate concern M/s Adicon Ceramica LLP (‘’Adicon”). Adicon has started manufacturing large format GVT Slabs of 1600×3200 mm size using ultra-modern fully automated Italian technology with an installed capacity of 15,000 sq. mtrs. per day. AGL will now start marketing the product under the “AGL” Brand.

 In a move to create living and business spaces safer, beautiful and hygienic than ever in Covid era, the Company has launched ‘AGL Tuffguard Anti-Bacterial Tile’ and ‘Touch Free’ range of bathware.

April 26, 2022

Jayesh Choudhary, Director, Nakoda Group, featured on the cover page of Tycoon Global Magazine – Primex News Network

New Delhi (India), April 26: Tycoon Global Magazine is a revered publication in the field of business. Over the past few years, it has been working tirelessly to highlight and support entrepreneurship. The team of experts strives to sift through pools of entrepreneurial talent to find those who are doing great but have maintained a low profile so far.

The magazine that works unbiasedly to highlight important news across segments like entrepreneurship, life, fitness, fashion, beauty, lifestyle, entertainment, etc., features only entrepreneurs with an exceptional track record.

The cover page of Tycoon Global Magazine is a coveted space for entrepreneurs. However, getting featured on the cover of an independently published magazine that has a global readerbase is not a small deal. True stories of grit and determination find a spot on the cover page of the magazine.

Recently, Mr. Jayesh Choudhary, Director, Nakoda Group of Industries Ltd. got featured on the cover page of Tycoon Global Magazine. Nakoda Group’s journey is synonymous with the evolution of the fruit processing industry in India. Nakoda group started as a small-scale cottage industry in 1989 and has recently been listed on both the stock exchanges. Tycoon Global Magazine has highlighted the right mix of a good marketing strategy, exceptional knowledge, and the will to succeed that has helped shape the success story.

Among other commendable achievements, Nakoda Group also got felicitated among the top 100 SME India awards 2015.

Nakoda group majorly deals in the supply of candied fruits and dry fruits to FMCG giants for them to use as ingredients in packaged food products like cakes and ice-creams. They also retail sell healthy snacks such as makhanas, almonds, cashew nuts, etc.

All the success means a lot for a family coming from a very small village. It started as an endeavor to save raw green papaya from being wasted and has taken immense hard work for them to come so far. While Jayesh’s dad was behind the inception of the brand, Jayesh has played a key role in its success and thus he is on the cover page of a leading magazine.

He has been instrumental in helping the brand get international recognition and has established the business in over 25 countries. This includes the US, Latin America, European Countries, the Middle East, and other Asian countries. The number of buyers that Nakoda group has in the international markets is on an unprecedented rise under Jayesh’s leadership. Jayesh admits that there are business challenges due to government norms, competition, and other internal issues. However, they sail through them with a robust process, experience and strong organizational ethics.

He further plans to reach the target of 1 lakh grocery stores in the domestic Indian market. The next milestone that the company is set to achieve is to reach 1 million customers monthly by the end of FY-2023. They are also working to increase their retail customer base by reaching retail chains.

Jayesh is working hard to take the legacy of the brand forward and expand its avenues. With the vision to take healthy snacks to every household, he is taking the brand forward. He is the perfect inspiration for young entrepreneurs striving to take their family businesses to greater heights.

April 26, 2022

Largest Contract Manufacturing Pharma Company Akums acquires Ankur Drugs and Pharma Ltd.’s HP plant to boost production capacities – Primex News Network

New Delhi (India), April 26: Akums Drugs & Pharmaceuticals Ltd., the largest contract manufacturing pharmaceutical company in India, has recently acquired Ankur Drugs and Pharmaceuticals Ltd.’s facility based at Himachal Pradesh.

Akums Drugs & Pharmaceuticals Ltd, the largest contract manufacturing pharmaceutical company in India, has recently acquired a facility from Ankur Drugs and Pharmaceuticals Limited. The facility acquired by Akums Drugs & Pharmaceuticals Ltd is one of largest drug manufacturing facilities in the country. With this acquisition Akums’ will boost its production capacities for general oral tablets and oral liquids. The planned capacities of the new facility are 6 billion units of tablets and 90 million units of oral liquids per annum. This facility is most likely to be fully operational by the end of 2022.

Founder, Promoter and Director, Akums Drugs & Pharmaceuticals, Shri Sandeep Jain says, “What the addition of this new facility means to our existing network is to step up our continuous efforts to serve our customers efficiently and the nation better. We, at Akums, are already leading the market in many areas and, hence, we also know there is so much yet to be done. With this new facility in Nalagarh in Solan, Himachal Pradesh, we are trying to bridge some more capacity gaps in the pharma industry.”

Founder, Promoter and Director, Akums Drugs & Pharmaceuticals, Shri Sanjeev Jain says, “In 2021, our supplies made up approximately 12% of the total market. With this new facility acquisition in the state of Himachal Pradesh and our previous acquisition in Kotdwar, Uttarakhand, in August 2021, we have bolstered our total capacity further. This expansion is a step towards achieving our goal of 20% market share. The operations at our Kotdwar plant have begun recently, while our new plant in Himachal Pradesh is likely to start its operations by December 2022.”

Apart from these changes, Akums had also acquired three API facilities near Chandigarh in January 2021, all of which contribute to building its capacity and efficient backward-integrated supply chain to strengthen its market leader position in India, since Akums manufactures approximately 12% of all drugs consumed in the country.

About Akums- Akums Drugs & Pharmaceuticals Ltd. is the largest contract manufacturing pharmaceutical company of India, manufacturing more than 12% of India’s consumption. The organisation deals in the manufacturing and export of formulations in a wide spectrum of dosage forms & therapeutic segments. The company is currently supplying to almost all Indian and multinational pharmaceutical companies across the globe and is one of the largest employers. The 10 state-of-the-art facilities are dedicated to oral solid dosage forms (with separate units for beta lactum and non-beta lactum formulations), Oral liquid dosage forms, Sterile dosage forms (injectable, eye, ear & nasal), hormonal (oral and injectable), ointments & cosmetics, Ayurvedic, food supplements & nutraceuticals and animal health care.

In a span of few years, the organisation has become the icon of Indian pharmaceutical manufacturing industry and currently manufactures more than 12% of the country’s total medicinal requirements. With creme-de-la-creme of dedicated pharmaceutical personnel and standardised practices, Akums has been successful in attaining national and international accreditations, and building trust on the basis of efficacy, safety & quality. The organisation is certified with WHO-GMP, ISO 9001:2015, ISO 14001:2015 certificates and various international accreditations, like; ANVISA, Brazil, NAFDAC, Nigeria, FDB, Ghana, PMPB, Malawi amongst others and exports to 53 countries across the world.

April 26, 2022

St. Botanica Launches First National TVC Starring Brand Ambassador Kareena Kapoor Khan – Primex News Network

New Delhi (India), April 26: India’s fastest growing DTC haircare brand St. Botanica launches its first-ever national TVC with the message #StBotanicaGlamHair. The campaign features a newly appointed brand ambassador – Kareena Kapoor Khan. Over the years, St. Botanica has created premium hair care products. It has established a unique positioning using Bioactives sourced from nature’s most exotic ingredients.

The campaign highlights the many kinds of wear and tear that your hair goes through daily. The film features their iconic Moroccan Argan Shampoo, a core favourite from the Moroccan Argan Range of hair products. The TVC establishes how using ultra-nourishing products with the power of Moroccan Argan to care for your hair helps battle and reverse damage caused by styling, heat, exposure and more, giving you glamourous hair that shines. This represents a manifestation of the core campaign message – ‘Glamourous hair, every day! The hero haircare range – St. Botanica Moroccan Argan Oil range is powerfully showcased in the film – highlighting the very significant role the haircare products play in everyday life of women.

The film features movie icon Kareena Kapoor Khan taking the audience through the stresses and damage her hair goes through. Between split ends to hair loss, heat-induced damage, every day can take a severe toll on hair health. The film informs consumers that this is where St. Botanica’s Moroccan Argan range comes into play. It’s no secret that much of Argan oil’s magic stems from its composition: it’s rich in Omega 3 & 6, vitamins, minerals and antioxidants that revive dull and damaged hair through intense nourishment and conditioning.

St. Botanica is a brand that believes in perfecting the art of hair and skin care by using the best of nature and natural Botanics. A careful process involving identifying, curating, and sourcing the world’s most exotic, natural ingredients makes formulas elective, giving desired results for the most discerning Indian consumer.

Commenting on the campaign, Sukhleen Aneja, CEO, Beauty & FMCG Brands, The Good Glamm Group, says, “With St. Botanica, we introduce the power of highly efficacious exotic natural ingredients in toxin-free paraben-free formulations. We are bringing in the power of Moroccan Argan in our range of shampoos and conditioners. Moroccan argan is a rich source of Omega 3 and 6. It deeply nourishes your hair so that you can enjoy styling, spraying blow-drying without any fear of damage.”

Actor & Brand Ambassador Kareena Kapoor Khan commented, “I’m excited to be a part of St. Botanica’s ﬁrst ever TVC. I deeply resonate with the brand’s philosophy and its product formulations which are derived from nature’s most exotic ingredients from across the globe. St. Botanica is a brand I trust to keep my hair looking fabulous all year long, and I’m glad to be associated with the brand.”

The campaign debuted on St. Botanica’s social channels- YouTube & Instagram on the 25th of April and will be further amplified across digital and mainline media.

Priti Rajput Head of Category, Personal Care, St. Botanica Sheena Jain, Sr. Brand Manager, St. Botanica

Aditi Bhalotra, Marketing Consultant, St. Botanica Big Momma writers room

Big Momma productions (www.bigmomma.in) Director- Sohini Dasgupta

DOP- Anil Mehta

St. Botanica offers a carefully curated range of premium hair, skincare & wellness products. The brand has a unique positioning, using bioactive and elevating natural products using science. The brand believes in perfecting the art of skin and hair care by using the power of science to extract the best from nature and natural Botanics. All the products are enriched with ‘bioactive’ like biotin, retinol, collagen, etc. These are the most potent molecules found in raw ingredients intended to make the formulations elective, giving you desired results. While ‘natural’ is a well-explored space today, with many brands in the personal care space, the brand focuses on efficacy while having natural roots for the discerning Indian consumer.

The campaign link to the TVC – https://youtu.be/nN6iNTpLLXM

April 26, 2022

Acquire fabric patents and venture into value addition to make ‘Brand Surat’- Textile Commissioner Roop Rashi – Primex News Network

(L to R) President Elect of SGCCI, Himanshu Bodawala, Textile Commissioner, Roop Rashi, and SGCCI President, Ashish Gujarati

Surat (Gujarat) [India], April 26: “Textile industrialists will have to acquire fabric patents and venture into value addition to make ‘Brand Surat,’” said Roop Rashi, the Government of India’s textile commissioner, at the launch of the ‘Textile Week,’ organised by the Southern Gujarat Chamber of Commerce and Industry’s (SGCCI) Global Fabric Resource and Research Centre (GFRRC) here on Monday.

Textile Commissioner, Roop Rashi inaugurated the ‘Textile Week’ in the presence of Usha Paul, deputy director-general, Ministry of Textiles, Additional Textile Commissioner, SP Verma, and chairman of the Federation of Indian Art Silk Weaving Industry (FIASWI) Bharat Gandhi at Samruddhi in Surat’s Nanpura area on Monday.

In his presentation, SGCCI president, Ashish Gujarat said, “At present, the government has approved a single Common Effluent Treatment Plant (CETP). Under the Integrated Power Development Scheme (IPDS), we demand another seven CETPs to be approved for the Surat region. We also demand a reduction in the import duty on the capital goods. There is an urgent need to resolve the issue of BIS Certification of KRM regarding the polyester yarn.”

“Surat’s textile sector produces high-quality fabrics in a variety of qualities,” said Roop Rashi, India’s textile commissioner. Thus, I encourage textile companies to patent their products and pursue value addition to establish Surat as a brand. Efforts will be made to suit the textile industry’s requirements.”

Rashi urged manufacturers to maintain the trend, noting that Surat’s textile sector has reached new heights thanks to the experience of industry veterans and the dedication of the younger generation.

“Surat’s textile entrepreneurs will have to think creatively rather than defensively. The PLI and MITRA programmes have the potential to help textile entrepreneurs leapfrog Bangladesh and Vietnam. The market is going to be excellent, and everyone must proceed with vigour and zeal. Never sacrifice quality and enhance your engagement in cluster schemes,” Rashi said.

The Textile Ministry has proposed that the Finance Ministry continue the A-TUF scheme and fund allocation until the instructions for the Textile Technology Development Scheme (TTDS) scheme are issued, according to Rashi. In addition, the ministry has recommended to the Finance Ministry a 25-30% subsidy under the new TTDS programme. The SGCCI’s request for seven further CETPs will be given to the relevant ministry, and the SGCCI has been asked to provide information on the BIS certification of KRM on polyester yarn.

Deputy Director-General, Usha Paul said, “There is a need to concentrate on expanding the Indian market for export. Textile industrialists should enroll in the PIL and MITRA schemes to grab the market share from Bangladesh and Vietnam.”

AP Verma, Additional Textile Commissioner, guided the textile entrepreneurs on “Innovation in Textile Manufacturing”. “Even a tiny business owner may innovate,” Verma stated. “Innovation can be accomplished with any material or machinery that is accessible. Production will need to continue with the selection of specialised fibres and fabrics. Cost-cutting can be used in place of cost-saving only when the product is recyclable.”

Verma called on the textile entrepreneurs to move in the direction of manufacturing sportswear and medical textiles following a robust demand in the international market.

Bharat Gandhi, chairman of FIASWI and former president of SGCCI delivered his keynote address, Girdhargopal Mundra, chairman of GFRRC gave information regarding the textile week, and former president of SGCCI, Praful Shah conducted the entire programme. Former president of SGCCI, Mahendra Kajiwala also delivered his keynote address.

Himanshu Bodawala, President-Elect of SGCCI gave the vote of thanks.

April 26, 2022

Acquire fabric patents and venture into value addition to make ‘Brand Surat’- Textile Commissioner Roop Rashi

Read Time:3 Minute, 9 Second