India's TJSV Steel Fabrication plans to double turnover by year-end
25 June 2015
TJSV Steel Fabrication and Galvanizing (India) Ltd aims to double its turnover to Rs. 100 crore by the end of this year.
The five-year-old company, located at Gudimangalam near Udumalpet in Tirupur district, plans to usher in new products such as road guards and cable trays and tap the structural roofing market in a big way, its Vice-Chairman and Managing Director, J K Menon, said.
Speaking on the sidelines of an event arranged to mark its fifth year of operation, he said that the company plans to raise Rs. 12 crore to take care of its growth plans.
“We will be taking the equity route and not bank finance,” TJSV Chief Executive Sreekumar said.
Justifying the plan, he said that the company, promoted primarily by the NRIs in the Gulf, envisioned creating some income for them, back in India.
“The investor base is 540 and we intend to seek their support. The initial investment in this project was Rs. 18 crore,” he said.
The capacity of the fabrication facility is 1,000 tonnes/month and that of the galvanazing – 2,100 tonnes/month.
The company, which was hitherto doing sub-contracting works for the railways, would be contracting directly with the public sector undertaking soon, Menon said.
It also plans to export bitumen tank for the first time this year and this is expected to happen within the next four weeks.
On diversification plans, he said: “We fabricate solar panel structures at present; would enter solar power generation, provided we get land in Tamil Nadu.”
On manpower, Sreekumar said that this has been the biggest challenge for the company. “We have about 500 people on our rolls. We will be adding 100 more within the next one month. We will induct people from fabrication units in the vicinity.''