The Hindu Business Line : Taneja Aerospace sales at Rs 15.25 cr

Mr B.R. Taneja, Chairman, Indian Seamless Metal Tubes Ltd and Non-Executive Director of Taneja Aerospace, told Business Line that the company currently has orders worth Rs 3.5 crore on hand and Rs 11.5 crore orders were in the pipeline. This has been achieved due to the lowest tender.

He noted that the major areas of work include orders from Indian Space Research Organisation (ISRO), Hindustan Aeronautics Ltd (HAL) and Aeronautical Development Establishment. The other orders for the company include Jaguar from HAL, light combat helicopter body and about 12-rocket body for the GSLV.

As for the company's finances, Mr Taneja said it had closed the year 2002-03 (which had taken into account 18 months) with a turnover of Rs 15.25 crore. For the fiscal 2003-04, the company is estimating a turnover of Rs 9 crore, with which it hopes to break even. For the fiscal 2004-05, the company is projecting a turnover of Rs 14 crore.

In the annual general body meeting of 2002-03, Mr Khushroo Rustumji, Chairman, Taneja Aerospace, had noted that, "The air charter market, which addresses a larger audience than the market for aircraft is growing at a relatively healthier pace and we are targeting significant growth in this sector. We are targeting new customers and segments to increase the penetration. We do not perceive any immediate threat to our operations."

Mr Taneja said the company has signed an agreement with Indus Aviation of the US for the manufacture of two-seater aircraft, called Thorp, for both domestic and export market. Indus Aviation is planning to sell about 50 two-seater aircraft.

The first consignment of two Thorp aircraft is under assembly and is likely to be shipped during February-March. Plans are to ship two aircraft every month. Negotiations were also under way with two foreign companies for joint venture for manufacturing aero structures.

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