It is also planning to look at a voluntary retirement scheme (VRS) in the near future and hopes to reduce its workforce by about 400 people in the next few years. As of now, the company has a workforce of 2,400 employees.
Addressing the annual general meeting (AGM) in Mumbai on Tuesday, Rahul Bajaj, chairman, Mukand Ltd, said that to improve its performance, the company shall strive to enhance its market share of value added products, increase its share in the domestic market and increase export of stainless steel, special, alloy steel bars and bright bars.
The company has targeted a turnover of about Rs 1,150 crore for 2003-2004 and plans to reduce its capital by 20 per cent against 40 per cent of other steel companies.
Mr Bajaj said that the closure application of the Kurla foundry in Mumbai that was put forth by the company had been turned down by the state government but added that Mukand Ltd would appeal once more. He also added that the company, in the near future, would initiate talks for VRS for the 400 employees at the foundry. In the last two years, the company has reduced its manpower by 387 people.
The companys industrial machinery division has secured a large volume of orders from defence, ports and other infrastructure sectors which, it said, will result in increased turnover in the current year.