Manaksia decides to build steel facility in Georgia

Kolkata: City-based Manaksia Ltd, a secondary producer of value-added aluminium-rolled products, has decided to set up new steel long products facility in Georgia, CIS, at a total investment of $35 million. The production capacity of the new unit, to be located near the Poti Port, will be 2 lakh tonnes per annum, and is slated for completion by June 2009. According to a company statement, the Georgia project would be operationalised in three phases, beginning from September 2008.

Once implemented, the unit is expected to generate an EBIDTA margin of over 25 per cent on a revenue of $140 million at current prices.

The company has 15 manufacturing units in India and three abroad (two in Nigeria and one in Ghana). The steel cold rolling facility at Haldia, with a capacity of 50,000 tpa, started commercial production in January 2007, and is expected to improve the profitability of the galvanising operations.

Manaksia, in December 2007, had a follow-on public issue of 1,55,00,000 shares representing 22 per cent of the post-issue and raised Rs 246 crore from the market.

PAT rises 40%

Manaksia Ltd, for the quarter ended December 31, 2007, has recorded a nearly 40 per cent jump in profit after tax at Rs 89 crore (Rs 63.75 crore in the same quarter of the previous fiscal). Net sales from operations for the quarter under review were up at Rs 273 crore (Rs 191.73 crore).