Rajkot-based bearings manufacturer Ravi Technoforge Private Limited is looking to invest about Rs 100 crore in fiscal 2012-13 for capacity and technical upgradation.
The company has already invested about Rs 150 crore for setting up a new production facility as well as capacity expansion at existing ones.
"With last year’s investment our production capacity will increase to 1200 tonnes per month from 700 tonnes by July this year and we will increase it to 1500 tonnes a month by end of 2013. For this we will be investing about Rs 100 crore in current financial year," said Amubhai Bharadia, chairman and managing director of Ravi Technoforge.
Last year, Ravi Technoforge had acquired waste land from the state government to set up a new production facility in the Shapar industrial zone near Rajkot. However, now the company is looking for more such land near its existing plant in Shapar.
According to Rajesh Bharadia, director of the company, "The company is also focusing on technical upgradation. To give better quality and increase capacity, we have imported hi-tech fully automatic machineries from Japan and France."
The company is also considering to enter the capital market through an initial public offering (IPO) in 2014. Amubhai said,
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"The new unit will fully commence within next seven to eight months. Moreover, for funding our investment, we are managing the same from internal accruals, private equity and bank. We are also considering to go public in 2014 to manage fund for expansion projects."
He said, "We are also considering to manufacturing gear parts for automobiles in coming years but our prime focus is rings."
Moving up from its current Rs 100 crore in 2011-12, Ravi Technoforge is targeting turnover of Rs 150 crore in current financial year.