Adhunik Metaliks, of Kolkata-based Adhunik Group, has been allotted an iron ore mine at Kulum in Keonjhar district of Orissa. The iron ore will help the auto grade steel manufacturing company to reduce its raw material costs from Rs 1,800 per tonne to Rs 800 per tonne.
The company produces 2.5 lakh tonne of steel a year in its unit at Rourkela. The company has embarked on a capacity expansion programme at Rourkela unit at an investment of Rs 437 crore.
Adhunik Metaliks recently acquired Unistar Galvanisers and Fabricators Ltd (UGFL) for an undisclosed consideration. UGFL is engaged in manufacturing of sub-station structures and transmission towers for power and telecommunication sector. The company has also hammered out a Rs 70-crore expansion programme to increase the capacity of UGFL to the range of 7,000 tonne - 8,000 tonne of fabrication per month. The expansion will also increase galvanising from 4,000 tonne to 6,000 tonne per month.
For the fiscal year ended March 2006, the company had a total income of Rs 426.55 crore and a net profit of Rs 33.71 crore. It has also declared a maiden 5 per cent dividend for the year 2005-06.
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| Posted : 7/19/2006 |
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