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ARS Steels Pvt Ltd will invest ₹40 crore for expansion and modernisation of its plant in Chennai. The company will also start exporting steel in March.
Addressing mediapersons at the launch of a premium steel product, ARS Pixon, in Chennai, Ashwani Kumar Bhatia, Chairman and Managing Director, said the company would expand the capacity from 1.8 lakh tonnes a year to 2.3 lakh tonnes by March 2019.
The company, a prominent player in Chennai, is exploring opportunities for expansion in Karnataka and Andhra Pradesh. Bhatia said Bengaluru is a good market with few players in the premium segment. The company is exploring setting up a factory in Hosur with an investment of ₹200 crore with capacity of 3.6 lakh tonnes.
“Market in countries such as Sri Lanka, Myanmar and Maldives are opening up and that again is a huge opportunity for us,” Bhatia said. The company will begin exports in March.
The company registered a turnover of ₹600 crore last year and expects to close March 2018 at ₹650 crore. Post the expansion, it hopes to touch ₹750 crore by March 2020.
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