Public sector steel maker Rashtriya Ispat Nigam is hopeful of achieving an export turn over of Rs 1,000 crore this fiscal on the back of new product launches, a top company official said.
"We are hopeful that around Rs 1,000 crore of export turnover will be achieved in the current financial year," RINL commercial director TK Chand told PTI today.
The company is going to launch a new product, which will give the firm around Rs 300 crore in export revenue in the near-term, helping it to achieve the number.
RINL has registered 142 per cent rise in exports turnover during the April-November period of current financial year to Rs 519 crore against Rs 366 crore reported in the same period of last fiscal.
"We hope to export 70,000-80,000 tonnes of this new product, which will give us revenue of Rs 300 crore. This will help in achieving Rs 1,000 crore of export turnover in this fiscal," Chand said.
As per the steel firm, it is mainly exporting to South and Southeast Asia.
"As per our plan, we aim to open office in Sri Lanka in the fourth quarter," Chand said, adding it is also witnessing sound demand from West Asian economies.
RINL, which is headquartered in the port city of Vishakhapatnam, has a natural advantage for exports.
Meanwhile, the company said domestic demand till now is subdued but expected it to pick in the fourth quarter. The Navaratna public sector enterprise has a 3 million tonnes production capacity in Visakhapatnam plant which is undergoing expansion.
Source:- economictimes.indiatimes.com
No comments:
Post a Comment