Financial Daily from THE HINDU group of publications
Wednesday, Aug 04, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 04, 2004 |
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Corporate
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Outlook Man Industries expects 15 pc topline growth Our Bureau
Mr Ramesh C. Mansukhani, Chairman, Man Industries Ltd (left), and Mr Jagdish C Mansukhani, MD, at a press conference in Mumbai on Tuesday. — Paul Noronha
Mumbai , Aug. 3 MAN Industries (India) Ltd, manufacturer of SAW Pipes and coating systems for high pressure oil and gas applications, expected to turn in a 10-15 per cent increase in topline during the current fiscal primarily because of orders it has bagged worth Rs 500 crore. These orders are for both domestic companies including NTPC and IOC as well as international companies including Bechtel, Mr Ramesh Mansukhani, Chairman of the company, said. The company has also bid for projects worth Rs 1,500 crore. Most of these are global bids, he said. He did not rule out the possibility of tapping the capital market for raising resources to fund the company's expansion plans. He said the merchant bankers were making an assessment of this route. The company plans to increase the capacity of longitudinally submerged arc welded (LSAW) pipes from 580 km to 1,180 km; helically submerged arc welded (HSAW) pipes from 270 km to 570 km and capacity of coating systems from 36 lakh square metres to 56 lakh square metres. The LSAW pipe mill under implementation in Kutch district of Gujarat is expected to be commissioned by the end of December, Mr Mansukhani said. The capex for this project is estimated at Rs 160 crore. This will be sourced through a foreign currency debt of Rs 100 crore ad equity/internal accruals of Rs 60 crore.
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