Sun Granite Export Ltd

Sun Granite Exports (SGEL) was incorporated in 1991 by K C Mohanty.It is engaged in the business of granite and marble exports with its unit at Khurda in Orissa. In Feb.'96 the company completed the erection works of 100% E.O.U. project with a capacity of 99000 sq.mtr.per annum for manufacturing Polished Granite Slabs. Further the State of Art prestigious granite project at Paniora in the district of Khurda(Orissa) went on stream on 28th Feb,1996 on trial. The company has declared commercial production on 2nd April 1996. In the mining front, the department of Mining and Geology, Govt. of Orissa has granted lease for 122,653 hectares area in favour of the company and application for 45,674 hectares are under favourable consideration of Govt. of Orissa. The company negotiated with Private Quarry Owners in other States for rough blocks of different colours and specifications to suit demand of the foreign buyers. As per the existing M.O.U. with M/s.International Stone Importers Inc., U.S.A. the company has shipped four containers (1045 sq.mtr.) of polished granite slabs to U.S.A. in the month of May 1996.The company has also started getting responses from reputed importers in Malaysia, Australia, Abu Dhabi and Indonesia. The company expects negotiations to materialise soon. The company allotted 1748600 Equity shares of Rs.10 to IFCI towards the conversion of loan into equity shares as per conditions of OTS.