Kolkata: Engel India Machines and Tools (1987) Ltd, a joint venture between Megatherm Group Companies and the West Bengal government, on 5 July said it expects to earn a turnover of Rs80 crore during the current fiscal.
“Post privatisation of the company since October 2005, the company is back in black and touched a turnover of Rs 53.60 crore, against Rs 61 lakh, while net profit was Rs77 lakh against a loss of Rs 1.88 crore prior to change in management,” chairman and managing director S.B. Chanda said here .
Over Rs 20 crore in machinery, a significant part of which was manufactured at Engel India were exported to the Middle East, Europe, Latin America, Africa and South Asia in the last financial year, Chanda said.
The company started commercial production of machinery and assemblies for medium and high frequency induction melting and heating equipment from April, 2006.
The induction equipment manufactured in Engel India were marketed under the Megatherm brand which is the market leader. It has more than 70% share in the steel belt of West Bengal, Jharkhand, Orissa and Chhattisgarh besides having dominant presence in other parts of the country, the company said.
A new transformer of Engel, an erstwhile state PSU which ran up huge losses, was inaugurated on 5 July by West Bengal Industry minister Nirupam Sen, who was handed over the government’s share of dividend for its 26% stake.
Sen said the state would attempt to revive closed or loss-making units through its own and resources and with strategic partners.
He said in case a company could not be revived its land would be handed over to other industries.