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SIFL in expansion mode
Mony K. Mathew
Thiruvananthapuram
June 15
After having consistently improved performance over the last few years, the state-owned Steel and Industrial Forgings Ltd (SIFL) is planning to expand capacity to accommodate a few new products.
The expansion of the company, located at Thrissur, is being taken up at a cost of Rs 13 crore. The Kerala Industrial and Technical Consultancy Organisation (KITCO) has prepared the project report, according to officials in the Industries Department.
SIFL, engaged in the manufacture steel forgings, is supplying products to a wide spectrum of customers, including the Railways. Of late, it has entered into strategic defence production and Indian Navy is one of its customers. The company has recently manufactured titanium gas bottles used in satellite launch vehicles and the Indian Space Research Organisation (ISRO) has shown interest in the product. Out of the Rs 13-crore outlay for expansion, ISRO will extend an interest-free loan of Rs 2.75 crore.
The performance of the company has been improving and in 2006-07, it posted a turnover of Rs 40 crore, up from Rs 24 crore in 2004-05 and Rs 33 crore in 2005-06. It also earned a net profit of Rs 3.5 crore last year.
In the current year, the company has projected a net profit of Rs 5.43 crore.
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