Asian Granito India Limited (AGIL), one of India’s leading tile and quartz manufacturers, announced its entry into a Joint Venture Agreement (JVA) with UK-based entities, Shudh Investments Limited and Klyn Stone Limited. This partnership, established through the formation of a joint venture company (JVC), Klyn AGL Limited, is aimed at expanding its trading operations for large porcelain slabs, tiles, and quartz products in the United Kingdom and nearby markets.
The confirmation statement for the JVC, detailing share ownership and the capital structure, was submitted to Companies House in England & Wales and has now been officially accepted. The announcement marks a significant milestone for AGIL’s global expansion strategy.
The joint venture agreement gives both Asian Granito and the UK entities an equal opportunity to appoint two directors each on the board of Klyn AGL Limited. The JVC will issue 2,50,000 ordinary shares to the parties at a face value of GBP 1 per share. Any future capital issuance will follow the ratio of the existing shareholding, ensuring proportional growth for all stakeholders.
According to the agreement, the JVC aims to establish a robust supply chain and trading operations for its premium products, leveraging AGIL’s manufacturing expertise and the UK entities’ strong market presence. This strategic move positions AGIL to strengthen its footprint in the European market, catering to increasing demand for premium tiles and slabs.
AGIL expressed confidence that this partnership will accelerate its growth trajectory and enhance its global brand presence. The collaboration is also expected to facilitate knowledge exchange, operational efficiency, and market penetration for all parties involved.
