Kanoria Energy & Infrastructure Ltd is India’s largest manufacturer of asbestos cement (AC) pipes - the backbone of government water-supply schemes across the country - operating from a single plant in Rajasthan under the “JAI KIRTI” brand. Born in 1980 as Shree Pipes Limited and run by the Kanoria family for more than four decades, the company has stayed relentlessly focused on one thing: turning asbestos fibre, cement and fly ash into pressure pipes and corrugated roofing sheets that are cheaper and more durable than alternatives. That single-mindedness - one plant, one segment, one brand, no subsidiaries - is the recurring approach that explains everything else. # Business segments A single engine - asbestos cement building products - serving two distinct customer universes (government infrastructure and rural housing) from one factory, with a greenfield ethanol project still under construction. ## 1. Asbestos cement products: the pipes that carry India’s water **The company makes AC pressure pipes and corrugated roofing sheets at a single Rajasthan plant, selling them directly across India - with pipes dominating government water schemes and sheets going to rural housing.** - **Largest pipe maker in the country** - the company claims to be India’s biggest manufacturer of AC pipes, having supplied thousands of kilometres to vital water-supply projects, including many backed by the World Bank. That government-tender footprint gives it a steady, policy-driven demand base. - **Two products, two end-markets** - AC pressure pipes go into portable water supply, bore-well casing, sewage and irrigation, while AC corrugated roofing sheets are used for housing, warehouses and industrial buildings. Both are pitched as safe, durable and the most economical option for their applications. - **Imported raw material, local factory** - the entire requirement of asbestos fibre is imported, so the company has no natural hedge against foreign-exchange moves on its key input, while cement comes from domestic manufacturers and fly ash from nearby thermal power plants. The plant in Hamirgarh, Bhilwara, runs what the company describes as the most modern AC pipe factory in India and a sophisticated automatic sheet plant. - **Direct distribution, no middlemen** - sales are direct across all of India, with the company also providing laying and jointing services alongside its products. Revenue is recognised as a one-time sale when control passes to the customer. - **Rural demand as the growth lever** - demand for AC sheets has grown because the industry has pushed deeper into rural markets, helped by normal monsoons, higher rural disposable income and state-government policies that encourage both pipes and sheets. India is expected to emerge as the third largest construction market by 2025. # Group structure and partners **A family-run, single-entity listed company with no subsidiaries, no joint ventures, and a tightly held promoter stake.** - **No corporate layers** - the company has no subsidiaries, associates or joint ventures, making it a pure standalone operation. - **Promoter-controlled** - the Kanoria family held nearly 74% of equity as of FY21, with none of those shares pledged, and the top public shareholder is Nathdwara Fibre Cement Product Ltd at about 11%. - **A related-party supplier** - Kanoria Sugar & General Manufacturing Co. Ltd, a related party, buys and sells goods and materials with the company. - **Name changes reflect ambition** - originally Shree Pipes Limited, it became A Infrastructure Limited in 1993, then Kanoria Energy & Infrastructure Limited in April 2023, and the board has already approved a proposal to revert to A Infrastructure Limited, subject to approvals.