Kolkata, Aug 21 (PTI) City-based Anil Balaji Steel on Friday announced an investment plan of Rs 200 crore to expand manufacturing capacity and market reach over the next few years, targeting a turnover of Rs 500 crore by 2030.
It also plans to hit the capital market with an initial public offering on the SME platform within the next three years to fund growth, a top company official said.Out of the total Rs 200 crore capital expenditure, Rs 100 crore will be deployed in West Bengal, while the remaining amount will be invested across other regional markets.
“We aim to establish our presence in Odisha and Uttar Pradesh by 2030 and are on the verge of acquiring factories in these states to expand manufacturing capacity. Our manpower strength is also expected to grow from 175 to over 500,” Founder and Chairman Anil Kumar Agarwal said.As part of its Bengal expansion, the firm will add 2 lakh sq ft of space to its existing 1 lakh sq ft manufacturing facility at Jangalpur in Howrah district.The company, which currently logs a turnover of over Rs 125 crore and handles an annual volume of 25,000 tonnes, unveiled its long-term roadmap while marking five decades of operations.“Our target of reaching Rs 500 crore in turnover by 2030 and the investments planned reflect the growth direction we have set for ABS. To support this scale, we have plans to raise funds via an SME IPO in three years,” Chief Executive Officer Virendra Agarwal said.The company also announced its foray into functional steel solutions under a new business vertical, ‘Fabrica’, targeting architectural facade designs, pre-engineered buildings, and automated structures. It will set up a 15,000-sq ft experience centre in the city for the new vertical. PTI BSM RBTThis report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
