Asian Granito India Ltd. to Acquire 26% Stake in Allomex Steel Private Limited

Asian Granito India Ltd. has approved the proposal to acquire 26% of the paid-up equity share capital of Allomex Steel Private Limited (ASPL). The acquisition is considered a related party transaction as Directors of the Company are interested in ASPL. The Audit Committee has granted its prior approval, and the transaction is being undertaken at arm’s length. The proposed investment in ASPL will help the Company to enter into a related building material products and support its overall growth plans. ASPL’s SS steel manufacturing activities will gel well with the company’s existing project customer base and it will further get boost from the existing supply chain network. This investment will allow the Company to diversify, strengthen its position in the building materials sector and create scope to achieve its long-term growth acceleration. The cost of acquisition is Rs. 26,000/- (Acquiring 2600 equity shares at Rs. 10/- each).