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July 10, 2001
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Money > Business Headlines > Report July 10, 2001 |
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Indal plans Chinese market entry this yearBS Bureau Aditya Birla-promoted Indal is planning to enter the Chinese market this financial year. Company president and CEO S K Tamotia said the company would make an entry into the Chinese market with specialty graded aluminium and extrusion products. Exports to neighbouring Bangladesh and Sri Lanka have helped the firm to reach into the markets around the Indian Ocean rim, West Asia, East Asia, Europe and Africa. Talking to the reporters after the company's 63rd annual general meeting, Tamotia said the Chinese market was expected to consume a sizeable portion of exports. In 2000-01, Indlal's exports went up by 46 per cent to Rs 375 million over the previous year's Rs 257 million. Tamotia, however, did not quantify the amount the Chinese market would consume. Export-led sales growth was one of the key factors that helped the company register a record turnover as well as profit after tax in 2000-01. It has posted a net profit of Rs 839 million -- 38 per cent higher than the previous year's figure - on gross turnover of Rs 14.21 billion. Indal chairman Kumar Mangalam Birla, in a written communication to shareholders, said: "Export volumes will be continuously strengthened as they bring in better profits. We are scouting for new markets, particularly for alumina and downstream products. We will also be upscaling alumina refining capacities through de-bottlenecking. These forward looking steps will ensure that your company continues to forge ahead on the desired growth trajectory." Indal vice-chairman A K Agarwala, who presided over the AGM in the absence of Birla, read out the chairman's speech. In fact, export-led growth is one part of the company's five-pronged strategy to ensure profit growth. The four other areas are synergy with Hindalco, improvement of assets utilisation across plants, cost control and superior service to customers. Indal has sought several exemptions and concessions for the ailing Orissa Extrusions in its draft rehabilitation package submitted to the Board for Industrial and Financial Reconstruction. The company holds 26 per cent stake in the company, while 25 per cent is with Hydro Aluminium of Norway. The balance is widely held by the financial institutions and the public. Tamotia said there would be restructuring of shareholding in Utkal Alumina International (UAIL), which is being jointly promoted by Indal with Alcan Aluminium of Canada and Hydro. Hydro holds 45 per cent in UAIL, while Alcan holds 35 per cent stake. The balance 20 per cent is held by Indal. Powered by YOU MAY ALSO WANT TO READ:
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