Neelkanth Rockminerals

EPW Research Foundation Sun Granite Exports SUN GRANITE EXPORTS promoted by the Swosti group of Bhubaneshwar is to set up a 100 per cent export-oriented unit for the manufacture of granite slabs. IFCl has appraised the project and has sanctioned a loan of Rs 892 lakh. Industrial Promotion and Investment Corporation of Orissa (IPICOL) and Creditcapital Venture Fund are also contributing to the financing of the project. The company has assured supply of raw materials from captive quarries leased from the government. Plant and machinery are being imported from SIMEC spa of Italy. The company has a 100 per cent marketing tie-up with International Stone Importers Inc. Los Angeles. The gestation period of the project is low since commercial production is to start by this August. To part finance the project the company is entering the capital market on June 5 with a public issue of 35.4 lakh equity shares of Rs 10 each at par aggregating Rs 354 lakh, inclusive of firm allotments and reservations for mutual funds, NRIs and employees aggregating Rs 127 lakh. The issue is being lead managed by SREI International Finance and Creditcapital Finance Corporation.