Modern automated manufacturing processes employ automated guided vehicles(AGVs) for material handling, which serve several machining centers(MCs) in a factory. Optimal scheduling of AGVs can significantly help to increase the efficiency of the manufacturing process by minimizing the idle time of MCs waiting for the raw materials. In this paper, we will analyse the requirements for an optimal schedule and then provide a mathematical framework for an efficient schedule of material delivery by an AGV. With this model, the optimal number of MCs to be utilized will also be determined. Finally, the material delivery schedule employing multiple journeys to the MCs by the AGV will be carried out. Through rigorous analysis and simulation experiments, we shall show that such a delivery strategy will optimize the overall performance.