An entry into the cement sector and expansion of its investment in making steel is next in line for Delhi-based Surya Roshni Ltd (SRL), the lighting firm. It also plans to move into more lighting products.
Its new subsidiary, Surya Global Cement, has signed a memorandum of understanding with Gujarat and Madhya Pradesh governments to establish a cement unit each, envisaging a Rs 1,500 crore investment, says SRL Chairman and Managing Director JP Agarwal.
Agarwal was here as part of the firm’s drive to create awareness on energy-efficient lamps. SRL has 30 per cent of the market for CFL lighting. He says the company aims to contact at least 100,000 retailers across the country to educate them on the issue. CFL lamps, he noted, consume only a fifth of the power used by traditional lamps.
Besides, SRL would invest another Rs 500 crore in the lighting business to raise its production capacity to 3 million units a month, he added. The firm also plans to move into production of high-mast lights and streetlights, from which it expects an additional revenue of Rs 500 crore in the next three years.
As for steel, Surya Global Steel Tubes, a subsidiary, is envisaging an investment of Rs 250 crore in a new unit at Gujarat. The company already has a steel plant at Bahadurgarh in Haryana.
After commissioning the plant in Gujarat, the company aims to double steel turnover from the present Rs 1,000 crore to Rs 2,000 crore in the next three years, said Agarwal. The new plant is to cater to the requirement of the oil and gas sector.