Gontermann-Peipers announces major expansion
Gontermann-Peipers India Ltd is in expansion mode as the company plans to extend its product portfolio with the launch of 6000 tpa Value Added Castings project. The implementation involves an expenditure of Rs 48 crore and would cater to sectors like mining, power, railway & defence.
The company has enough land bank at its existing plant at Pailan for the project which is expected to be operational within 18 months. This is in addition to the modernization / expansion undertaken by the company at an outlay of Rs 75 Crores (approx) which is expected to be completed by this month end, which will increase the manufacturing capacity from the present 15300 MT to 21000 MT. The Company has also developed the High Speed Steel Rolls which is an import substitute.
The company has entered into a Memorandum of Understanding (MoU) with the Government of Chhattisgarh to set up a pelletisation plant of 1.2 million tonnes per annum in the State of Chhattisgarh. The capex for the expansion is to the tune of Rs 300 crore. The implementation of the MoU would be taken up by the Company after obtaining all requisite approvals.
"Chhattisgarh in Central India is one of the favored destinations for manufacturing companies in the country due to tremendous support from the government in developing the industry. The MoU will help us meet increased customer demands and deliver quality products. The MoU with the Govt. of Chhattisgarh and introduction of Value Added Castings to our product portfolio is an important step in realising GPI’s expansion plans in India," said Lalit Poddar, Managing Director, Gontermann-Peipers India Ltd.
Another major development has been the company’s proposed entry to the Indian Commodity Futures Market by setting up a Nation-wide Multi-Commodity Exchange, subject to necessary approvals. Since the Company manufactures steel & iron based intermediate products, there is potential for developing steel & iron based contracts on Indian bourses. "We will be the third Greenfield Exchange in the country if our proposal is accepted by the Forward Market Commission and it will be the eighth & the last Commodity Exchange to be set up in the country," added Mr Poddar.
Expands product portfolio with Value Added Castings
Enters Memorandum of Understanding (MoU) with the Government of Chhattisgarh
Plans to set up Nation Wide Multi-Commodity Exchange.