Business Daily from THE HINDU group of publications
Saturday, Feb 23, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Feb 23, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments Man Ind in talks to set up pipe facility in China
The company, which will be a majority shareholder in the venture, is closing down its facility in Madhya Pradesh and will shift its machinery and equipment to China in three months. Rahul Wadke Mumbai, Feb. 22 Man Industries (India) Ltd, a manufacturer of submerged arc welded pipes, is planning to set up a pipe production facility in China under a $75-million joint venture. The company is in negotiations with three Chinese steel manufacturers for the purpose. The company, which will be a majority shareholder in the venture, is closing down its 1.35-lakh tonne Pithampur facility in Madhya Pradesh and will shift its machinery and equipment to China in three months. Talking to Business Line, Mr K.G. Mantri, Senior Vice-President of Man Industries, said that joint venture with the steel manufacturer will give access to captive raw material and a booming market in China. The plant would be recommissioned in December with a total capacity of 3 lakh tonnes, he said. Mr Mantri said that as the Pithampur plant is land-locked and far way from port, the freight charge was making the produced goods non-competitive. A new industrial facility will come up on the same location, he said. Order bookHe said that the order book position of the company would be Rs 1,600 crore by March and by the same time next year touch Rs 2,000 crore. The company is also anticipating replacement demand from the US and Europe markets as its existing oil and gas infrastructure in ageing. There will also be new demand from emerging markets in China and North Africa, Mr Mantri said. New infra companyMan Industries has also set up a new company for the realty sector — Man Infrastructure Projects. The company focuses on developing IT and IT SEZ projects. It has initiated the process for developing an IT SEZ near Indore. The land for the SEZ has been acquired and feasibility study has been completed. Mr Mantri said that the company is privately held, with Man Industries holding 51 per cent equity while the rest is with the promoter family. More Stories on : Overseas Investments | Steel
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