Tata Metaliks to invest in setting up of foundry

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Kolkata, Jul 16(UNI) Tata Metaliks Ltd plans to invest in downstream value added products in the next six months, company Chairman HM Nerurkar today said.

''Our investment plans for these products will be firmed up within the next five to six months. We are unable to quantify the exact quantum of investment required for the project. Our board of directors on Wednesday cleared a Rs 75 crore investment proposal for a new sinter plant at our exiting plant at Kharagpur in West Bengal,'' he told reporters after the company's annual general meeting here.

Mr Nerurkar said the investment areas included DI pipes, small and medium size castings and foundry.

Speaking about the foundry plans, he said that it would be set up at the company's existing facility at Kharagpur. ''It will cater to the requirement of auto component manufacturers. There is immense scope for the foundry industry in eastern India, especially when there are not many organised players with exposure of sophisticated technology,'' he said.

The company also has expansion plans at Madhya Pradesh which has a good market potential, Mr Nerurkar said wihout giving details.

Meanwhile, Tata Metaliks has reported 31.71 per cent rise in its net profit to Rs 20.23 crore during the quarter ended June 2008 up from Rs 15.36 crore recorded during the corresponding quarter of the previous fiscal.

'' We expect a revenue growth of 15 to 20 per cent by the end of the current financial year,'' he said.

UNI KDG KK RN1750

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