The Income Tax department is conducting raids at 35-40 premises of Asian Granito India in Gujarat, sources said on Thursday, ANI said.
The raids are being conducted at the Asian Granito India premises, a day after the country's largest luxury surfaces and bathware solutions brand reported excellent financial performance in FY22.
On the day of excellent performance (Wednesday), the company also disclosed its plans to set up three state-of-the-art manufacturing facilities at Gujarat's Morbi, in Value Added Luxury Surfaces and Bathware Segments, including GVT Tiles, Sanitaryware and SPC Flooring.
The Company also set up one of India's largest Display Centres at Morbi, for which it had completed the land acquisition and necessary due diligence, including land payment, registration and stamp duty fees for setting up plants under Future Ceramics Pvt Ltd, AGL Sanitaryware, and AGL Surfaces Pvt Ltd.
Civil and engineering works at the sites were scheduled to begin very soon. AGL expects to strengthen its leadership position and generate peak sales of Rs 700 crore per annum from the three plants and contribute Rs 500 crore of revenue from display centres, but the IT raids led to a fall of 6 per cent in the company's share. The script traded at Rs 51.40 on the stock market on Wednesday.
(More details in the matter are awaited)