Man Industries targets 200% turnover rise

The Mumbai-based Man Industries, the flagship company of the multi-diversified Man group, is targeting a rise of over 200 per cent in its sales turnover to Rs 1,200 crore from the pipes business by 2005-06.

The company posted a 133 per cent rise in the sales turnover at Rs 420.51 crore during the financial year ended December 2003, compared with 180.59 crore in the preceding fiscal. Its net profit during the year soared 280 per cent to Rs 36.53 crore compared with Rs 9.61 crore previously.

The Rs 450-crore company is setting up a state-of-the-art export-oriented manufacturing unit for submerged arc welded (SAW) pipes at Anjar, in Kutch district of Gujarat.

The plant, which enjoys an excise and sales-tax exemptions as per the Prime Minister Rehabilitation Programme for earthquake-hit areas in Gujarat, will cost an investment of Rs 140 crore.

Ramesh Mansukhani, chairman of Man Industries, said, "Our another plant at Pithampur in Indore will be able to meet the increasing demand for pipes to cater to the domestic oil and gas sector, where we are already in business with GAIL and Indian Oil Corporation, apart from other majors."

"The new Gujarat plant which will start commercial production this November will mainly cater to the demands of the export market. We are already having presence in Iran, Saudi Arabia, Dubai and Kuwait. Once the Anjar plant starts production, we will target the emerging markets such as Malaysia, Indonesia and Thailand. We are also plan to enter the US market," Mansukhani added.

The Anjar plant, which will be spread over 100 acre, is located within 30 km the from Kandla port and the Adani group's Mundra port.

The Indore plant of the company has a production capacity of 450 km of pipe per annum, while the Anjar plant has 600 km of pipeline per annum.