Mumbai-based stone mining firm Associated Stone Industries Kotah Ltd through its Mauritius-based subsidiary ASI Global Ltd (ASIGL), has acquired Al Rawasi Rocks and Aggregates LLC, Fujairah UAE, for $5.9 million, the company said in a stock market disclosure.
Al Rawasi Rocks and Aggregates is engaged in quarrying and mining. It offers extract rocks, marble, minerals and crushed limestone, etc.
The firm has a limestone quarry & stone crusher unit which is non-operational. ASIGL will further invest around $11.89 million towards quarry development, plant & machinery & working capital margin. The unit is expected to re-start its commercial operation by March, 2015.
Established in 1945, Associated Stone Industries produces 15 crore sq ft of Kota Stone each year, as per its website.
For FY ended March 31, 2014, the firm had a total income of Rs 130.7 crore as against Rs 174.8 crore in FY13, and saw its net profit decline to Rs 10 crore from Rs 13 crore.
Shares of Associated Stone Industries closed at Rs 49.20 each, up 11.82 per cent on BSE in a strong Mumbai market on Wednesday.
(Edited by Joby Puthuparampil Johnson)
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