Business Daily from THE HINDU group of publications
Friday, Mar 30, 2007
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Business Daily from THE HINDU group of publications Friday, Mar 30, 2007 ePaper |
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Corporate
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New Business Man Ind bags Rs 1,000-cr order from Midcontinent of US Our Bureau
BIG DEALS: Mr R.C. Mansukhani (left), Chairman, MAN Industries (India) Ltd, and Mr Somnath Roy, Chief Executive, Projects, at press conference in Mumbai on Thursday. - Shashi Ashiwal
Mumbai March 29 Man Industries (India) Ltd, a manufacturer of pipes, has bagged an order worth Rs 1,000 crore ($225 million) from the US-based Midcontinent Express Pipeline LLC. The company will manufacture and supply 257 miles of 42-inch diameter line pipes with external and internal anti-corrosion coating systems. "The order would be completed in a year's time," said Mr R.C. Mansukhani, Chairman, Man Industries. With this order, the company's total order book now stands at Rs 2,200 crore Mr Mansukhani added that the company was looking at the possibility of setting up its first overseas manufacturing unit in the US, for which it is conducting a feasibility report. "The plant may be a joint venture with a US-based steel company. We will be able to speak on the details about investment and size of the plant in a month's time," he said.
More production lines
The company is currently adding three more production lines to its facility in Anjar, Gujarat, which will be commissioned in the first half of the coming financial year. Man Industries is also planning to enhance its capacity by 25-30 per cent by setting up three additional mills for spiral pipes with an investment of Rs 70-75 crore. "This will take our production capacity to 2,500 km of pipes from the current 2,000 km," said Mr Mangesh Nabar, Senior, General Manager, Marketing, Man Industries. The company is expecting to close this fiscal with a turnover of Rs 1,200 crore. The shares of the company rose 7.29 per cent to Rs 199.50 on the BSE.
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