Large diameter pipe maker Man Industries today said it has won Rs 550 crore new orders from domestic and international customers for supply of pipes for Oil and Gas sector projects.
"With these new orders the outstanding order book as on date stands at approx Rs 1600 crores. This will result in significant improvement in performance in the second half of the current financial year," the company said in a statement.
It said it has also received vendor approval from several new customers in oil and gas sector globally and participated in various bids.
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"The company has outstanding bids over USD 2 billion at various stages of evaluation for several other oil, gas and water projects in India and abroad," it said.
The company therefore expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients, it added.
The company has also initiated the process for upgradation of its Pithampur plant to produce very large diameter pipes (upto 130") to cater to the upcoming mega drinking water supply, river linking and irrigation projects in Madhya Pradesh, Rajasthan and Uttar Pradesh.
The upgradation will be completed by December 2014.
Man Industries is a leading manufacturer of SAW Pipes (Line Pipes) and Coating Systems for high-pressure Oil & Gas applications with a potential production capacity of approximately one million tonne per annum.
Shares of the company closed at Rs 60.90, up 5.82 per cent on the BSE.
