State-run consultancy firm MECON is planning to increase the turnover by more than three times to Rs 1,500 crore in the next five years, a top company official said.
"MECON's turnover has been around Rs 400 crore ... Now what I have realised is that until and unless you enhance the turnover to beyond Rs 1,000 crore you will continue to be struggling. So we have now drawn up strategic plans for turnaround and growth. We are talking about how to reach a turnover of Rs 1,500 crore by 2022," MECON Chairman and Managing Director Atul Bhatt told PTI.
The company aims to augment its turnover in two ways, including strengthening its core steel business.
"One is strengthening the core and strategic sectors, including metals & mining, diversification into sectors such as energy and infrastructure and international expansion. There is going to be a shift from building steel plants to up-gradation, modernisation and upgrading the existing plants," Bhatt said.
The company, he said, has been building steel plants for last 60-70 years and has deep domain knowledge of the industry.
As a result, inspection of steel units is one area where MECON will consolidate, he added.
"MECON is on the path of sustainable growth. In 2015-16 our losses were about Rs 160 crore," he said.
In the first six months of FY 2016-17, MECON made a net loss Rs 78.65 crore. The net loss declined to Rs 5.19 in the second half of the last fiscal.
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