Engaged in the manufacture of special steel castings and ingots, Asian Alloys came out with its public issue in Jun.'93 to increase its capacity from 21,500 tpa to 60,500 tpa. The project was completed in May '94 against Aug.'93 as proposed, as floods in Punjab delayed the installation of the power line to the plant. The company's entire production of steel ingots is picked up by re-rolling mills near the plant. The major customers for its castings, marketed through a network of agents, include Walchandnagar Industries, Krupp Industries, the irrigation department (Government of Maharashtra) and Hindustan Zinc.
The international merchandising division, started by the company in Jun.'94 for merchant exports, targets Africa and Indo-China for engineering goods; South America and the EU for garments; South Africa for fabrics; and Germany for leather goods. The division will import various raw materials for the steel and chemical industries, and partly for international consumption.
The company diversified by setting up a 100% EOU to manufacture knitted fabrics and garments. A marketing tie-up with Claybrook International, Canada, ensures export of 50% of the output while negotiations for the remaining 50% are on with an Israeli firm. Technical and technological services and marketing support are provided by Textile Engineering and Marketing Company, Israel. To build an integrated textile unit manufacturing both intermediate and finished products, Asian Alloys has signed a MoU with the Punjab State Industrial Development Corporation to set up a Rs 65-cr cotton spinning mill.
The company's new steel casting project at Bhiwadi, Rajasthan and modernisation programme of existing plants both projects are under implementation. In 1995-96, the company came out with a rights-cum-public issue of Rs 2900 lac. The company earned foreign exchange worth Rs 1.11 cr in 1995-96.