ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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India Securities

of elbows, reducers, etc, to find applications in fertiliser plants, petrochemicals, refineries, nuclear plants and pharmaceutical plants. The cost of the expansion project is estimated at Rs 800 lakh which will be financed by internal cash accruals of Rs 40 lakh, promoters' contribution of Rs 250 lakh by way of equity and unsecured loan, public issue of Rs 270 lakh and term loan from financial institutions of Rs 240 lakh. Promoted by Niran- jan Jani, the company's customers include IPCL, IOC, BHEL, HPCL, Tata Chemicals, Madras Refinery, Gas Authority, FACT, BHPV, RIL, GACL, SPIC NFCL, GNFC, GSFC, ACC, Chambal Fertilizer, BRPL and SAIL, etc. The company has pending orders worth Rs 4 crore on hand and orders under negotiation worth Rs 15 crore. The expansion project aims at high value added import substitute products for the domestic market and special application pipe fittings for exports. The company's existing plant, which is operating at 750 MTPA, is being expanded to 2,000 MTPA. The management is negotiating for foreign collaboration for innovative export products and is also planning to set up a new company for manufacture of forged and socket weld fitting, mainly for export. The project planning and merchant banking support is provided by VMC Project Technologies, Baroda. The company is located at Makarpura GIDC, Baroda.

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