Our Business
Our Company was originally incorporated as “ December 11, 1981 at Hyderabad ‘Midwest Granite Private Limited’ We have a legacy of more than four decades in the dimensional natural stone (i.e., naturally occurring stones) industry with experience in exploration, development and operation of mines, stone processing and fabrication, sales, distribution and marketing of various types of natural stone.
We are engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability.
We are also one of the largest producers in Absolute Black Granite (a variety known for its remarkable surface finish), both of which have high demand. Our Absolute Black Granite production accounted for 10.8% of the overall black granite production in India during Fiscal 2024.
We place much emphasis on decarbonizing our operations to improve the sustainability of our business.
Our mining operations are mechanized and incorporate advanced engineering and process optimization, aided by vertical integration of key operational components such as customized Diamond Wires.
We beneficially leverage our experience and organizational capabilities to serve as an organized player in an otherwise unorganized sector with the
objective of catering to the requirements of our customers, improving our processes, expanding our market reach and building our resource base.
Our existing business activities primarily comprise extracting and processing Dimensional Granite (i.e., Granite that is cut to conform to the specifications in terms of size and shape), particularly the Black Galaxy and Absolute Black varieties (“Natural Stone Segment”).
In addition to our Natural Stone business, we also manufacture Diamond Wire, which is a precision cutting tool employed in the natural stone and construction industries to size stones and other hard substances with precision in mines and processing/ fabrication facilities (“Diamond Wire Segment”).
Absolute Black Granite is used to make sculptures, idols of deities, pillars, lintels (i.e., beams installed over doors and windows) and plinths (i.e., heavy bases used to support statues) and has been extensively used in temples, monuments and memorials and is also used in modern architecture such as kitchen counters, flooring, bathroom vanities, cladding, windowsills, backsplashes, fireplaces, steps, building facades and fountains.
We currently have 16 operational Granite Mines across 6 locations in the states of Telangana and Andhra Pradesh in India producing Granite varieties such as Black Galaxy, Absolute Black, Tan Brown, along with one Granite processing facility in each of the states of Telangana and Andhra Pradesh.
In addition to our operational mines, we have also established a strong resource base comprising 25 locations across Andhra Pradesh, Telangana, Karnataka
and Tamil Nadu.
Our customers, comprising processors and distributors, are located across 17 countries and five continents, with China, Italy and Thailand being our primary export markets.
Our customers include MP STENEKO AB (based in Sweden) GI-MA STONE SRL (based in Italy); Quanzhou Xingguang Stone Co., Ltd. and the Xiamen Group (based in China) King Marble and Granite Co. Ltd. (based in Thailand); and Kodeyalam Stones, Anjanee Exports and Anjalee Granites Pvt Ltd (based in India).
Our Granite has been used in various marquee projects including the CSSC Power (Group) Tower in Shanghai, China and the Shenyang MaoYe Center in Shenyang, China.
Our Company Promoters
- Mr. Kollareddy Rama Raghava Reddy,
- Mr. Kollareddy Ramachandra,
- Mrs. Kukreti Soumya and Mrs. Uma Priyadarshini Kollareddy are the Promoters of our Company.
OBJECTS OF THE OFFER
- Funding capital expenditure by Midwest Neostone Private Limited (“Midwest Neostone”), our wholly owned subsidiary, towards Phase II of the quartz grit and powder processing plant (the “Phase II Quartz Processing Plant”).
- Capital expenditure for purchase of electric dump trucks (“Electric Dump Trucks”) to be used by our Company and Andhra Pradesh Granite (Midwest) Private Limited (“APGM”), our Material Subsidiary.
- Capital expenditure for integration of solar energy at certain Mines of our Company.
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM.
- General corporate purposes.
Qualitative Factors
- India’s largest producer and exporter of Black Galaxy Granite, a premium variety of Granite and one of the largest producers of Absolute Black Granite.
- Presence across the entire Dimensional Granite value chain with mine to distribution capabilities.
- Emphasis on research and development and technology integration
- Significant establishment costs with a long gestation period benefitting established players .
- Proven track record of financial and operational performance.
- Experienced Promoters and professional management team with deep industry experience and strong track record.
Comparison of accounting ratios with listed industry peers
- Pokarna Limited.
Our Company detial Address
Corporate Office: 8-2-684/3/25 & 26, Road No.12, Banjara Hills,
Hyderabad 500 034, Telangana, India
Tel: +91 40 2330 5194
E-mail: cs@midwest.in
Website: www.midwest.in
BOOK RUNNING LEAD MANAGER REGISTRAR TO THE ISSUE
DAM Capital Advisors Limited
One BKC, Tower C, 15th Floor, Unit No. 1511
Bandra Kurla Complex
Bandra (East)
Mumbai 400 051
Maharashtra, India
Tel: +91 22 4202 2500
E-mail: midwest.ipo@damcapital.in
Website: www.damcapital.in
REGISTRAR TO THE OFFER
KFin Technologies Limited
Selenium Tower-B
Plot No. 31 & 32, Financial District
Nanakramguda, Serilingampally
Hyderabad 500 032
Telangana, India
Tel: +91 40 6716 2222
E-mail: midwest.ipo@kfintech.com
Website: www.kfintech.com
