City-based Goodrich Gasket Pvt. Ltd. (GGPL), a maker of gaskets, has drawn up plans to enter new markets and invest ₹150 crore to expand its facilities, said a top official.
“Currently, we have a manufacturing facility in Chennai and plans are on to enter new markets,” said Ashwin Rathod, Group MD, Flosil Group of Companies. “As per the plan, we will be entering Malaysia and Saudi Arabia to meet the growing demands of competitive oil & gas market.”
GGPL would be investing about ₹70 crore in Saudi Arabia and Malaysian facilities and ₹35 crore for expanding current production facilities in Chennai. Currently, GGPL makes 15 lakh pieces of forgings, castings and fasteners in Chennai unit and this would be doubled soon.
“In Malaysia, we plan to commence our activities by April 2020 to make two lakh pieces per month of forgings and castings. Besides, we have a joint venture with a Malaysian-based firm to make high performing industry coatings. About ₹25 crore would be invested further for expansion,” he said.
The company would be entering into a agreement with a Saudi Arabian firm during September 2020. It had already initiated the process of establishing the plant to cater to the requirements of global leader such as Aramco in Saudi Arabia, Petronas, Abu Dhabi National Oil Company and other renowned player in South East Asia and Middle East, he said.
GGPL would be meeting the expansion cost through internal accruals and borrowings. Currently, GGPL boasts of a turnover of ₹100 crore and is planning to go public after three years.
