AIA Engineering has entered into share purchase agreement on April 11, 2013, for the purchase of 5000 equity shares of Polyex Mineral, at a price of Rs 10 per share, for a total consideration of Rs 50,000. Through this joint venture, the entity aims to establish a Silca Sand Refining Project with refining capacity of 200000 MT of raw sand per annum to produce 100000 MT of special graded sand, subject to clearance of various approvals from statutory authorities.
The joint venture has significance for the company as a backward integration project that will allay company’s concerns with the procurement of quality of sand on continuous basis.
