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G M Pens eyes 7 per cent rise in revenues in FY2016-17

Press Trust of India  |  Chennai 

Manufacturer of pens under the popular brand 'Rorito', G M Pens International expects to register a six to seven per cent rise in its revenues in the current financial year 2016-17, a top official said today.

"Last (financial) year, the was around Rs 430 crore. We expect 6-7 per cent rise in revenues this financial year(2016-17)", G M Pens International, Joint Managing Director, Indrakumar Mahendran told reporters here.

The city-based company, would also see its 12th manufacturing unit go on stream in May this year.

"We have eight manufacturing units in and three near Chennai. New factory in will begin production in May this year", he said.

To a query, he said the total capacity of the company would increase from the existing 2.72 million units to 3.20 million with addition of new factory.

Mahendran and senior company officials were here to announce a partnership with German-based pen manufacturer Schneider Schreibgerate GmbH to introduce two new pens -- Robomax and Teramax priced at Rs 45 and Rs 50, respectively.

"It is a great pleasure for Schneider to see the future here in India. We are happy to partner with G M Pens International", Schneider Schreibgerate GmbH, MD, Christian Schneider said.

According to Mahendran, under the tie-up, technology would be transferred from German firm to G M Pens International.

"We are bringing critical components (from Germany) to manufacture the pens. They have the technology, we have the infrastructure to manufacture the pens. It is a tie up to get quality product at affordable price", he said.

Giving some statistics on the domestic pen industry, he said, the market was valued at Rs 5,500 crore of which Rs 3,500 crore comprise the organised sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, March 18 2017. 16:42 IST