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General Nice upgrades office

CHENNAI: General Nice Resources (Hong Kong) Ltd., a trading and mining company with interests in iron ore, steel and coke, has upgraded its Indian arm to a fully operational company from a liaison office.

Speaking at the launch of General Nice Mineral Resources (India) on Saturday, chief executive Ravi Shankar said that the foray into India would help fulfil the group’s vision to succeed on an axis of China, India and the ASEAN nations.

The group, which recorded sales worth $960 million in the last financial year, is based in Hong Kong, but has been expanding into the rest of Asia in the last few years, according to Mr. Shankar. It set up a liason office in India in 2005, and is now in the process of setting up a trading business here. It also hopes to acquire mining interests in India, and use the country as a base to venture into the steel product trading market in West Asia.

For the current financial year, the Indian company is targeting a sales turnover of Rs. 122 crore, although Mr. Shankar expects that figure to touch Rs. 200 crore. The group recently established mining and trading operations in Indonesia and plans to set up a metallurgical coke plant in Thailand, which will cater to the Thai and Indian markets. In China, the group has trading interests based in the port city of Tianjin and a shareholding in a large steel mill there.

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