Electrosteel expects growth with Bengal's new incentive policy
The Kolkata-based company is also confident that its recent acquisition of Italian valve-maker TIS Service Spa will boost both its revenue and profitability.
Sunil Katial, whole-time director and CEO, said the company's proposed ductile iron project in Odisha, with an estimated investment of Rs 3,000 crore, has already been delayed for 8-9 months due to land issue. "We are hoping for a new incentive scheme in Bengal," he said.
Electrosteel currently operates three units in Khardah, Bansberia and Haldia.
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On the Italian acquisition, Ashutosh Agarwal, whole-time director and CEO, said the Rs 150-crore deal was funded with internal accruals. TIS, which now earns 40 million Euros annually, has two manufacturing facilities in Italy and Turkey and logistics facilities in Italy and Poland. Agarwal projected a 13-15% turnover growth for TIS over the next few years. "We aim to deepen Electrosteel's presence in Europe, the Middle East, Southeast Asia and Latin America," he added.
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