Speaking to the media here on Friday, K V Pradeep, vice president of the company said, the demand for GRP pipes in the southern part of India alone is about Rs 2,000 crore and to take advantage of the opportunity the company has established the facility. The facility has been designed, supplied and commissioned by an Italian company. The agreement with the foreign company extends beyond the establishment of the facility. As per the arrangement, the Italian company will also share us its globally proven technology and research and development expertise in the future, he said.
During the current fiscal, the company targets a turnover of Rs 50 crore from the facility and by next year it is expecting a topline of Rs 500 crore.
Talking about the other plans of the company, Pradeep said, to meet the captive requirement of our core business, we are planning to establish a mild steel spiral pipe manufacturing mill near Medchal. We have signed up with a South Korean company for this. The commercial production at the facility is expected to start by mid October 2008. This apart, Megha is also planning to spread its wings into the power sector, road and building projects, he added.