Eyeing the textile, pharma and chemicals industries in Gujarat, Gandhinagar-based Sahajanand Laser is planning to foray into solar thermal systems for boilers. Taking the green way through solar thermal boilers, the Rs 80 crore company aims to replace conventional oil and gas based boilers.
An investee company of Gujarat Venture Fund Limited (GVFL), Sahajanand Laser primarily operates in laser cutting systems segment, apart from software development and microwave absorbers manufacturing. For its new venture, the company plans to infuse funds worth Rs 100 crore and has been scouting for private equity players for the same.
"Industries across Gujarat, especially in textile, pharma and chemicals use about 10,000-odd oil and gas based boilers that cause a lot of pollution. We realised there was a huge scope for manufacturing solar thermal based boilers that would reduce pollution. We will be setting up a separate plant for manufacturing these boilers and intend to invest around Rs 100 crore," said Arvind Patel, managing director of Sahajanand Laser Technology Ltd.
In the recent past, Ahmedabad-based finance company GVFL had invested Rs 11 crore in Sahajanand Laser Technology Ltd., apart from Rs 4 crore earlier. Currently, GVFL holds around 7.42 per cent stake in the company. "The investment of Rs 11 crore by GVFL was for our laser cutting technology. However, for our solar thermal boiler plant, we are looking at other private equity players," Patel added.
Meanwhile, Sahajanand Laser recently expanded its fibre laser manufacturing capacity through the investment by GVFL. The company claims to be the first in the world to have developed the technology by which laser will be generated through 100 microns thick fibre for cutting sheet metal and welding operations and has applied for a patent for the same.
"The conventional sheet metal cutting technology has low electrical efficiency and requires inputs like helium, nitrogen and carbon dioxide which are not environment friendly. On the other hand, the fibre laser technology developed by us will require one third the cost of the conventional technology. Our plant which used to manufacture nearly 50 such lasers, now holds a capacity of around 100 lasers," said Patel.
Having pegged a turnover of Rs 80 crore, the company plans to register a revenue of Rs 150 crore by the end of financial year 2010-11.