Forgings manufacturer Trinity Forge Pvt Ltd "" which went sick and closed down mainly because of labour troubles some years ago "" has been revived by a fresh group of investors and operations are set to start again. | |
| The ownership of the unit has been transferred to brothers Anil, Kishor and Sudhir Howale who run an infrastructure company Arch India Projects Nirman. |
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| "The new owners of the company have invested about Rs 8.5 crore for clearing the dues under one time settlement and a fresh loan of Rs 10 crore for the unit has been granted by banks," said Anil Howale, managing director of the revived Trinity Forge. |
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| The plant, which has a capacity to manufacture 9,600 tonnes of forgings, will focus equally on auto and non-auto sector, C Murali, executive director, said. |
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| Murali informed that about 130 of the former employees of the company have been reinstated and the plant will resume production soon. "We have on hand orders that will utilise 25 per cent of our capacity," he added, hinting at a turnover figure of Rs 30 crore in the first year of operations. |
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| Murali said the company was upbeat on the mining and construction sectors, thanks to the related experience of the promoters and plans to take the expansion path in the next year itself. |
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| The capacity of the group will be raised to 18,000 tonnes per year and the estimated revenue in the second year would be Rs 80 crore, growing to Rs 100 crore in the third year, he said, adding that about 40 per cent of this will be from the non-auto segment. |
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| "We are at an advanced stage of negotiations with two domestic private equity companies and one UK-based company for capital infusion necessary for the expansion," Murali said. |
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| In the initial funding round about 15 per cent of equity will be diluted, he said. |
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