Financial Daily from THE HINDU group of publications
Tuesday, Dec 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 20, 2005 |
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Corporate
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Announcements Ramsarup Industries plans foray into T&D biz Our Bureau
Kolkata , Dec. 19 THE city-based Ramsarup Industries Ltd has plans to enter the power transmission and distribution business within the next two years. According to Mr Ashish Jhunjhunwala, Chairman-cum-Managing Director, of Ramsarup Industries, a large portion of the company's revenues is generated from the steel wires it supplies to the power sector. Leading companies such as Power Grid Corporation, L&T, KEC and Kalpataru Transmission among others, are its major clients. "We are focused on the power sector. Moreover, the Union Government's policy has ensured that this sector would witness a major boom in a few years," Mr Jhunjhunwala told reporters. He said all future expansions of the company would be only in the power sector. In this context, Mr Jhunjhunwala said Ramsarup Industries would like to be a player in the power transmission and distribution business. "We have not yet applied for a license. It would take us at least two years' time but we certainly wish to enter this business," he said. The company has planned to expand its product portfolio by setting up a structural mill with an installed capacity of 1,35,000 tonnes per annum at Shyamnagar in West Bengal at a cost of around Rs 70 crore. Meanwhile, the company is eyeing two to three sick public sector units of the West Bengal Government. It is learnt that bids have been short-listed by the State Government. Mr Jhunjhunwala, however, preferred not to talk on the matter as it is too "premature". The company completed a public offering last week. At present, its shares are already listed on the CSE.
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