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| Exchange Disseminated Time | Nelcast Ltd has informed BSE regarding a Press Release dated January 21, 2010 titled "Nelcast Ltd plans to attain global leadership".
Press Release :
"NELCAST Ltd, an INR 340 crores market leader in the Ductile Iron producing foundry segment in India, today celebrated its successful completion of 25 years of existence in which it has grown to become a name to reckon with in its chosen space. On the sidelines of an impressive function held to mark this occasion, the leadership company shared few key initiatives in the offing to help the company in its goal of becoming the one among the top five Ductile Iron producing foundries globally, in the next 3-5 years. The current Installed Capacity of the company is 150000 Tonnes. Shri R Seshasayee, Managing Director, Ashok Leyland Ltd was the Chief Guest, Shri Vinod K Dasari, Whole Time Director & Chief Operating Officer, Ashok Leyland Ltd and Shri R C Banka, President, TAFE Ltd. were joined by a galaxy of senior industry executives at the impressive 25 anniversary celebration function of the company held at Chennai today.
Addressing media persons, Shri P R K Reddy, Chairman & Managing Director, NELCAST Ltd. said, "The timing of the celebration and the outlining of key initiatives come at a time when the Indian economy is staging a quick and significant recovery driven by automotive sector among others. This and the continued growth of India as an export hub for certain segments of automotive industry and the growing excellence in technology and manufacturing of companies like ours provide a realistic opportunity to strive for global leadership in the chosen area. The silver jubilee gear is a good time to put together a clear path of how do we get there and start making the investment and decisions that will aid our efforts to gel there."
NELCAST Ltd. has come a long way from being a small player with an output of about 50 tonnes per month 25 years ago to being a listed company that is now one of the largest in its space in India. The steps we have outlined today mark the beginning of our next phase of growth and also our clear focus to emerge as the one of the largest player in the World over the next 5 years. We look forward to the continued support of our customers, investors, suppliers and employees in this phase as well," he further added.
Going forward, Nelcast Ltd is in the process of moving up the value chain and plan to increase the share of high-margin machined castings in the total production to 20% over the next three years from its current level of about 10% Also, we are taking steps to expand the product base by focusing on Heavy Castings for Earth Moving and Tractor Segments. The company is exploring in all avenues to grow both organically & inorganically to attain the global leadership as stated above." |
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