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Friday, Sep 27, 2002

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Maharashtra Seamless plans expansion

Ambarish Mukherjee

NAGOTHANE (Maharashtra), Sept. 26

MAHARASHTRA Seamless Ltd is embarking upon a multi-phased expansion plan over the next two to three years.

This includes increasing the seamless tubes production capacity from the present one lakh tonnes to two lakh tonnes and increasing the product range from seven-inch pipes to 14-inch pipes, the Managing Director, Mr Saket Jindal, said.

While the capacity expansion will involve an investment of around Rs 25 crore, increase in the product range will require an investment of around Rs 150 crore.

In the third phase, the company plans to take up expansion of its welded tubes capacity from the present one-lakh tonnes to two lakh tonnes involving an investment of around Rs 10 crore.

Simultaneously, the company is also exploring the possibility of a backward integration and is planning to set up a steel mill at a location close to sources of iron ore and coal.

According to Mr Jindal, most of the expansion plans will be funded through internal accruals.

Maharashtra Seamless, headed by Mr D.P. Jindal, is part of the larger Jindal group of Industries founded by Mr Netram Jindal.

The company's share price has improved during the past six months from Rs 42.75 when the market closed on April 1, 2002, to Rs 138.95 at present, registering an increase of around 225 per cent.

The company attributes the increase to the improvement in the company's performance in the last financial year ended March 2002.

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