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Steel Strips to expand capacity at Jamshedpur and Chennai plants |
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Written by Vijay
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Wednesday, 08 June 2011 |
Mumbai: Automotive wheel rim manufacturer, Steel Strips Wheels Ltd plans to use the funds generated through a stake sale to foreign investors this fiscal, to expand capacity at its Jamshedpur and Chennai plants. The Jamshedpur plant, which become operational in July last year, is now operating in full swing.
According to media reports, the company plans to raise about $ 16 million (714.7 million Indian rupees) through a stake sale to two foreign investors. The company expects to raise around Rs 1.23 billion through a mix of share sale and loans in FY12, the report said.
Steel Strips Wheels Ltd expects orders for 14 million wheels and net sales of Rs 10.15 billion in the current fiscal year. The company is targeting a 34 percent rise in net profits from Rs 298 million in FY 11 to Rs 400 million in FY 12.
The company's Managing Director, Dheeraj Garg expects export volumes to more than double this year. In one weeks time, the company is expected to announce a repeat export order. |
