The ₹250-crore listed Manaksia Coated Metals and Industries Ltd, a part of the Kolkata-based Manaksia Group, is expecting to commence commercial production of its ₹45-crore expansion project in Kutch in Gujarat by October this year.

The company, which is primarily into production of colour-coated steel and aluminium sheets and coils, mosquito repellent coils and vaporisers, scaled up capacity of the Gujarat plant by three times to 1,20,000 tonne a year.

“Trial run started in March this year and we expect commercial production to begin in October,” Sunil Agrawal, Director, Manaksia Coated Metals, told BusinessLine .

Turnover target

With the demand for steel products showing signs of improvement, the company is expecting to achieve 20 per cent growth in turnover this fiscal from ₹250 crore in 2017-18.

The company was formed after the demerger of Manaksia Ltd.

Manaksia Coated is also planning to go in for the second phase of expansion at the Gujarat unit by setting up a cold rolling mill for manufacturing value-added steel in the next two years at an investment of around ₹150 crore.

According to Agrawal, nearly 60 per cent of the products manufactured at the plant is currently ‘run-of-the-mill’ galvanised steel. The mix is likely to change in the next two years and the share of value-added steel to the total product basket will increase.

The company will also look to shore up exports to Africa, West Asia and the US. Nearly 70 per cent of its business currently comes from the domestic market.

“Moving forward, our focus will be on manufacturing value-added products where the margins are higher. This will help shore up our bottomline,” he said.

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