Zuari Industries Acquires Full Ownership of Forte Furniture Products

1) Zuari Industries Limited

• Business Overview – Zuari Global Ltd., the holding company of the diversified Adventz Group, oversees 23 companies across four verticals: Agriculture, Engineering & Infrastructure, Lifestyle & Real Estate, and Services. Its core activities include real estate, investment, engineering services, furniture manufacturing and trading, sugar production, ethanol manufacturing, and power generation.
• Recent Filings – Company through its subsidiary Indian Furniture Products Ltd., acquired the remaining 50% stake in Forte Furniture Products India Private Ltd. from its Polish partner Fabryki, making FFPIPL a fully owned subsidiary. The deal was finalized on September 30, 2024. Full ownership streamlines decision-making, enabling stronger brand and production integration.
• Outlook –
  • Company stands optimistic due to favorable government policies, including 20% ethanol blending targets by 2025 and price hikes for syrup-based ethanol, boost prospects.
  • Indian Real Estate projected to reach $1.38 trillion by 2034 (from $0.3 trillion in 2024), presenting growth opportunities for Zuari Industries.
  • Company plans on expanding distillery capacity by 25%.
  • Company plans on exploring organic and inorganic growth prospects to scale up the production of ethanol to 1000 KLPD.
• 2Y Price Chart –

2) Mindteck (India) Limited

• Business Overview – Mindteck (India) Limited, established in 1991, is a public company providing engineering and IT services across multiple industry verticals. Its core offerings include product engineering, application software, electronic design, testing, and enterprise business services.
• Recent Filings – Company received the Listing approval for Bonus Issue in the ratio of 1:4 i.e., 1 (One) new fully paid-up equity share of Rs. 10/- each for every 4 (Four) existing fully paid-up equity shares of Rs. 10/- each. A total of ₹6.40 Cr. is capitalized from the share premium account and capital redemption reserve to implement the bonus issue.
• 2Y Price Chart –

3) Hi-Tech Pipes Limited

• Business Overview – Hi-Tech Pipes is a top Indian steel pipe manufacturer, with products used across sectors such as infrastructure, construction, and defense. It operates 12 brands, including Alshakti, Shakti, and Bahubali, and has a presence in over 5,000 retail stores. The company has 500+ dealers and distributors network. Its products are available across 19 states with 160+ OEMs customers.
• Recent Filings – Company reported Q2 FY25 sales of 123,027 MT, up 22.50% YoY, and H1 sales of 245,182 MT, a 32.55% rise. Growth was driven by demand in infrastructure, water transport, and solar energy, with support from government, despite monsoon challenges. The company expects continued growth in the festive season.
• Outlook –
  • The company plans to sustain its market share and boost production capacity by 20-25% each year.
  • Management anticipates a rise in EBITDA per ton for FY ’25, aiming for INR 4,000 per ton.
  • The path to achieving a million-ton capacity is projected to commence by the end of FY ’25, with the goal of reaching 1 million tons by that time.
• 2Y Price Chart –

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