Carlyle-backed Varmora Granito Pvt Ltd, a Gujarat-based tile and bathware brand announced on Friday that it has invested ₹400 crore in setting up two manufacturing plants, one of which will produce artificial stones that replicate the beauty of natural marble.
The two plants, with a combined manufacturing capacity of 17 million square meters (msm) per annum, will take the total capacity of the Varmora to 58 msm. One of the plants will use a new technology called Integrated Stone Technology (IST), sourced from Italy. This technology will help replicate the features of natural marble. However, it will be stronger, stain-proof, and cheaper,” said Bhavesh Varmora, Chairman of Varmora Group.
Global investment firm Carlyle acquired a minority stake in the company in June 2022. Varmora said the IST technology has been sourced from Sacmi, with exclusive rights for the next two years. “We have the first-mover advantage. Though the demand for such artificial stones is very high in the United States and Europe, we will target to sell them in India,” he added.
The second plant, with a capacity of 12 million square meters, will manufacture tiles and bathwares. Both these plants will create more than 600 jobs. The company reported sales of ₹1,490 crore for the financial year 2023-24. Exports comprise 20 per cent of the total sales of the company which operates 15 manufacturing plants in Morbi.