Bangalore, Dec. 1
WITH the road infrastructure sector set to redouble its work after a brief slow down, Escorts Construction Equipment Ltd (ECEL) has projected over 40 per cent growth in its turnover for the fiscal 2005-06.
The company, which manufactures and markets hydraulic mobile pick `n' carry cranes and vibratory rollers, expects to reach sales turnover of Rs 300 crore during the current fiscal against Rs 170 crore in 2004-05, said Mr Vikram Sharma, CEO and Executive Director.
Talking to reporters after the inauguration of Excon 2005, the annual construction equipment exhibition and conference, Mr Sharma said the optimism stemmed from the East-West, North-South corridor project picking up momentum soon.
ECEL, which is a subsidiary of the Rs 4,000-crore Escorts Group, has already increased its capacity at its facilities in Delhi and Faridabad while it also has stepped up its efforts to tap new markets for exports in Africa and the UAE. Its exports, concentrated now on SAARC countries, account for eight per cent of its total turnover.
Mr Sharma, who is also the Chairman of the Indian Earthmoving & Construction Industry Association Ltd, said the investment in infrastructure sector needs acceleration, for which he has suggested certain measures such as adopting a strategy of focused fund allocation and disbursement for specific projects as done by the National Highways Authority of India.