Fox Marble signs sale and purchase agreement with Mahadev Marmo

Kosovo and Balkans-focused marble quarrying and finishing company Fox Marble announced on Tuesday that is has entered into a $1.8m per annum sale and purchase agreement with Mahadev Marmo, India's second largest green marble export house, following the delivery and completion of a block marble sample order, which was shipped in December.

The AIM-traded firm said the order and sales agreement marked the company's first customer and entry into India, and was in line with its international expansion strategy as it positions itself as a low cost marble production, processing and distribution company globally.

In light of the new agreement, the company has increased its estimate of its order book in 2017 to €4.1m.

“This new sales order and sales agreement marks our first move into the significant and potentially lucrative Indian marble market,” said CEO Chris Gilbert.

“After a marketing drive in country, we were delighted to see commercial traction and demand for our marble product as a new and exciting stone.

“This new relationship with Mahadev has been the result of many months of work to establish a secure supply chain in India and we look forward to working with them during the course of 2017, where we anticipate receiving further significant orders.”