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Kridhan Infra eyes Rs 500 cr revenue from India ops by FY17

PTI 10 Aug 2014, 20:12:10 PM IST
Mumbai: Buoyed by an increased focus of the new government on developing infrastructure, Kridhan Infra is eyeing almost Rs 500 crore revenue from the domestic market in the next two years, a top company official said.  Kridhan, earlier known as Readymade Steel, has been focusing on the Singapore market since 2012, when it acquired K H Forges, engaged in civil engineering work.

“During that time the Indian economy was witnessing a slowdown, so we decided to concentrate on the Singapore market. But now we are seeing positive changes here, which will give us the opportunity to provide our civil engineering expertise in India in a major way,” the company's Managing Director Anil Agrawal told PTI here.

The BSE-listed firm, which generates nearly 90 per cent of its revenue from Singapore operations, plans to reduce it to 50 per cent and increase India's share to 50 per cent from the current 10 per cent, he said.  “Last fiscal, we clocked over Rs 680 crore in topline, out of which over Rs 600 crore was contributed by Singapore operations. But as we plan to focus on the Indian market, we expect India alone to contribute over Rs 500 crore in the next two years, which will be almost 50 per cent of the total revenue,” Agrawal said.

After establishing itself as a foundation engineering company in Singapore, Kridhan now expects to gain a similar status in India.

“Foundation engineering is almost USD 6 billion market in India and there are not many specialised players in this segment. Many infrastructure companies generally end up setting a new vertical for undertaking these specialised jobs.  We are already in talks with such companies to form joint ventures to provide our services or even acquire such verticals,” he said.

The Mumbai-based company plans to invest up to Rs 100 crore for such joint ventures or acquisitions, he said, adding “at the same time we will also look at opportunities to grow organically.”

Kridhan has an order book of over Rs 400 crore in Singapore. “We expect to bag at least Rs 200 crore worth projects in India in the next two years, as a number of infrastructure projects have been tendered out and we are participating in most of them,” Agrawal said.  The company is also looking at South East Asia, Myanmar and Malaysia for expansion.