Indo Asian Fusegear plans Rs 450 cr capex

Indo Asian Fusegear Ltd plans to expand its capacity over the next three years at a cost of Rs 450 crore, and aims to have annual revenue of Rs 2,000 crore in four years, Executive Director Vimal Mahendru has said.

The electrical equipment manufacturer expects total sales to rise 35 per cent on year to Rs 350 crore in 2007-08 (April-March), and expects exports to lead growth.

The company manufactures electrical equipment like switchboards, switch panels, switchgears, and related accessories.

"We have invested over Rs 66 crore this year and will invest another Rs 110 crore next year (2008-09) in various projects."

The company is yet to finalise modalities of financing the expansion plan, but expects part of it to be met through internal accruals.

Currently, the company has nine manufacturing plants spread across Jalandhar in Punjab, Parwanoo in Himachal Pradesh, Murthal in Haryana, and Noida in Uttar Pradesh. Indo Asian Fusegear also has a plant in Saudi Arabia, which is a joint venture with a local partner.

Indo Asian Fusegear shares closed at Rs 169.30 on Friday, up 2.51 per cent from its previous day's close.