Man Industries bags orders worth Rs 500 cr

The Mumbai-based Man Industries (India) Ltd, the flagship company of the multi-diversified Man Group, has bagged orders worth over Rs 500 crore for providing SAW (submerged arc welded) pipes to the oil and gas sector.

In the single biggest order it has bagged till date, MIL has been assigned the task of providing SAW pipes worth Rs 340 crore to the Gulf Co-operation Council (GCC), while the remaining Rs 162 crore domestic orders are from PSU majors like IOC, NTPC and private companies.

MIL is in the process of setting up a modern export-oriented SAW pipe manufacturing plant at Anjar in Kutch district of Gujarat. While most of the Rs 502 crore orders will be made at the Indore plant of MIL, a part will be manufactured at the Anjar plant that will go on-stream from December 2004.

The Anjar plant, which will enjoy 11-year fiscal benefits like excise and sales tax exemptions as per the Prime Minister's Rehabilitation Programme for earthquake-hit areas in Gujarat, will come up at an investment of Rs 140 crore.

"Both the export order and the domestic orders will be executed within nine months from now. The export order to the GCC is the single biggest order the company has bagged so far and we are hopeful of higher growth as MIL has bid for tenders of projects worth additional Rs 1,500 crore," MIL chairman Ramesh Mansukhani said.

Mansukhani said the order has been placed by Gulf Co-operation Council, which is a consortium of Middle East countries.

Man Industries' Anjar plant will be spread over 100 acres of land and construction work on 72 acres of land, which is located within 30 km from Kandla port and Adani Group's Mundra port, has started.