Asian Granito signs joint venture agreement With Shudh Investments and UK’s Klyn Stone – CNBC TV18

Bathware and tiles manufacturer Asian Granito India Ltd (AGL) on Tuesday (December 10) said it has entered into a joint venture agreement (JVA) with Shudh Investments Ltd and Klyn Stone Ltd, both based in the UK, to establish Klyn AGL Ltd in England and Wales.

“…we would like to inform that the company has entered into a joint venture agreement (JVA) with Shudh Investments Ltd and Klyn Stone Ltd of the UK to acquire shares of Klyn AGL Ltd, a joint venture company (JVC) incorporated in England & Wales, to do trading business of Large Porcelain Slabs, all type of tiles and Quartz products,” Asian Granito India said in a regulatory filing.

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The JV will sell large porcelain slabs, tiles, and quartz products across the United Kingdom. The agreement includes provisions such as the right for each party to appoint two directors to the board and the ability to subscribe to fresh capital issuances in proportion to their shareholding.

Additionally, all parties hold the right to restrict changes in the capital structure of Klyn AGL Limited. As part of the agreement, 2,50,000 ordinary shares, priced at £1 each, will be issued to the stakeholders. England’s Companies House confirmed AGIL’s induction as a shareholder in Klyn AGL Ltd on December 9, 2024.

Shares of Asian Granito India Ltd ended at ₹69.60, down by ₹0.62, or 0.88% on the BSE.

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