OIL has also sold 2.5 lakh equity shares to high networth individuals (HNIs) at Rs 50 each. The fund so raised is proposed to meet the working capital requirement for company's planned expansion plan. OIL is set to double foundry grade valves manufacturing capacity to 200 tonnes for which it has already passed on order to UK based company Omega.
It is also planning to enter into exotic and special alloys steel valves aggressively. OIL reported a turnover of Rs 62 crore and net profit of Rs 5 crore in the financial year 2007-08.
The company has been manufacturing valves gate, check, ball, cryogenic service valves; it also has reputation for manufacturing stainless steel and high grade high value alloy steel castings. These high value castings are also exported to some of the most discerning buyers/valve manufacturers in overseas markets.
It has for over 25 years been servicing the oil and gas, petrochemicals and refineries, power and other sectors. It has a stellar reputation for quality products .Its major clients are BPCL, HPCL, IOC, Essar Oil, ONGC, GAIL, GSFC, RCF, GNFC, Reliance, L&T, BHEL, SAIL, NTPC Nuclear Power and RCF etc. It has orders worth Rs 35 crore as on May 31, 2008.