Floriana Group mulls IPO to part finance expansion plans

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The Floriana Group will hit the markets this year to raise resources to part finance its expansion plans worth Rs 5,000 crore, including expanding its marble processing business of Rs 800 crore.

"We plan to float an initial public offering (IPO) by December this year and have begun talks with lead bankers on fixing the price band," Director of Group company SVIL Mines Limited Rajan Kaicker said.

He said after the bankers finalised the nitty-gritty, the company would file the Draft Red Herring Prospectus with the Securities Exchange Board of India (SEBI).

Kaicker said the Group was currently focusing on captialising the flooring industry by introducing the Floriana marbles and in collaboration with GEO of Italy has acquired the licence to use the patented marble processing technology for which it has invested over Rs 650 crore.

"Within the next two years, we envisage an investment of about Rs 800 crore in the business. The total market size is about Rs 4,900 crore and it has been growing by 10 per cent year-on-year basis," he said.

The Director said the Group would open about 312 outlets after October 4 to sell its marbles designed at the company's Katni plant in Madyhya Pradesh.

"Through our retail outlets, we would sell quality and designed marbles at matching prices. We would give consumers the real value for their money," he said.

Kaicker said the Group would make forays into thermal and solar power sectors and is firming up plans to set up a coal-fired power plant in Orissa, reports The Economic Times.