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Sujana Metal plans Rs16 bn expansion

Sujana Metal plans Rs16 bn expansion
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First Published: Thu, Feb 07 2008. 03 38 PM IST
Updated: Thu, Feb 07 2008. 03 38 PM IST
Reuters
Mumbai: Steel maker Sujana Metal Products Ltd said on Thursday it plans to triple capacity to one million tonnes by 2010 through acquisitions and expansion.
The expansion would be in two phases, with an investment of Rs8 billion in each phase, the company said in a statement.
For the first phase it plans to raise money through equity from promoters, internal accruals and long-term debts, the statement said.
The company, part of the Rs30 billion Sujana group of companies, is evaluating various options for funding the second phase, it said.
It also said it planned to acquire three companies each in Chennai, Hyderabad and Visakhapatnam to cater to the realty and infrastructure markets in South India.
The company has targeted a profit of Rs3 billion on sales of Rs31 billion by 2010, compared with Rs220 million on sales of Rs7.26 billion in June 2007.
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First Published: Thu, Feb 07 2008. 03 38 PM IST