Strategic consolidation results in a strong engineering company
29 Nov 2005
Mumbai: The boards of Indian Seamless Metal Tubes Ltd and Indian Seamless Steels and Alloys Ltd today approved the merger between the two companies. The new entity has been named ISMT Limited.
ISMT Limited is a globally recognised integrated precision seamless tube manufacturer. The company has positioned itself as a strong precision seamless tube manufacturer (both the tube plants as well as the steel plant are ISO / TS 16949 certified) and has a strong presence in the domestic as well as the international markets for its precision tube and alloy steel products in the automobile, general engineering, bearing, energy, mining, and oil sector sectors.
According
to B R Taneja, "Given the existing market conditions
and the aggressive strategy that has been put in place
for improved customer satisfaction, the company is preparing
for a growth of about 20 per cent, year on year, in its
top line for the next three years."
For the current financial year, ISMT has projected a turnover
of around Rs1,150 crore with exports accounting for about
Rs250 crore.
