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Varmora Granito Pvt Ltd., a Gujarat-based tile and bathware brand backed by global investment firm Carlyle, announced recently an investment of ?400 crore in the establishment of two new manufacturing plants. One of these plants will focus on producing artificial stones designed to replicate the beauty of natural marble.
The two plants, which together offer a manufacturing capacity of 17 million square meters (msm) per annum, will boost Varmoras total production capacity to 58 msm. One of the plants will utilize Integrated Stone Technology (IST), a new technology sourced from Italy that allows for the replication of natural marble features, but with added strength, stain resistance, and lower costs. “We have sourced this IST technology from Sacmi, securing exclusive rights for the next two years,” said Bhavesh Varmora, Chairman of Varmora Group. He added that while demand for such artificial stones is high in the United States and Europe, the company plans to focus on the Indian market.
The second plant, with a capacity of 12 million square meters, will manufacture tiles and bathware. The two new facilities are expected to create over 600 jobs. For the financial year 2023-24, Varmora reported sales of ?1,490 crore, with exports accounting for 20% of the total. The company currently operates 15 manufacturing plants in Morbi, Gujarat. |
