Viki Industries CEO G. Gautam Reddy says that they’re planning to extend turnover nearly threefold by way of expansion-cum-modernisation programme and coming into into new markets.
| Photo Credit: N. Anand
Viki Industries, which makes isteel TMT bars, is adopting a three-pronged technique to extend its turnover by nearly threefold by way of expansion, entry into new markets with the assistance of franchisees and introduction of value-added merchandise, a prime official mentioned.
“Given the increase in demand for building materials, we have decided to increase the annual production capacity of TMT bars at our Gummidipoondi plant from 1.85 lakh to 2.50 lakh by end-2024,” CEO G. Gautam Reddy instructed the media.
According to him, it might entail an funding of ₹30 crore which might be met by way of inner accruals and financial institution borrowings.
Besides, the corporate has additionally determined to foray into making value-added merchandise akin to minimize and bent objects by way of a separate division as it might save money and time for shoppers and builders.
“It is a five-year plan and would come up in a different plant for which we are scouting for two acre of land. It would commence operations by FY27,” he mentioned.
The city-based agency sells its merchandise primarily in Tamil Nadu, Andhra Pradesh, Kerala and elements of Karnataka. “Once our plant reaches full capacity, we will adopt franchise model to expand our reach in Telangana and Karnataka through franchisees. In Tamil Nadu, the company has a market share of 6-7%,” he mentioned.
The firm ended final fiscal with a turnover of ₹650 crore and is anticipating to hit the ₹2,000-crore mark by FY27.
On Friday, Mr. Reddy introduced the launch of isteel Zinc, the’ subsequent era’ galvanized XLS TMT bars with anti-corrosion properties.
