Everest Industries to set up new facility in East India

Everest Industries will set up a new manufacturing facility in East India to cater to the growing demand as it aims to cross Rs1,000 crore revenue in 2011-12

Everest Industries Ltd said it will set up a new manufacturing facility in East India to cater to the growing demand as it aims to cross Rs1,000 crore revenue in 2011-12.

"We are looking at setting up a new manufacturing facility in one of the Eastern states. The plant will be commissioned within a year and it will be fully operational in 15 months," Everest Industries executive director (operations) Y Srinivasa Rao said.

The company is looking at acquiring about 22 acres for the facility that will start with the production of roofing materials and other products will be rolled out in a phased manner, he added.

Mr Rao, however, declined to share further details such as the possible location and likely investment for the construction of the plant. Industry sources, however, said the company has been offered land by the Orissa government and the firm has also decided to go into the state.

When asked about its sales target, Mr Rao said: "Our target is to cross Rs1,000 crore revenue in next fiscal." Everest is expecting its total income to grow 12%-15% in this fiscal from Rs660 crore in 2009-10, he added.

Everest Industries currently has five manufacturing facilities in Kolkata, Nashik, Coimbatore, Kymore and Roorkee. It manufactures products like roofing materials, fibre wall boards and steel building solutions.

"We are seriously considering to expand our steel building solutions capacity as there is good growth in this business. We are looking at both expanding the existing plants and adding more facilities," Rao said, without giving details.

The company's current annual production capacity for steel building material is about 30,000 tonne at its Roorkee facility. Besides, the company is likely to consider setting up a new factory for the fibre cement boards as it is at present utilising almost 100% of its 90,000 tonne of installed capacity across different plants.

The company is now undertaking de-bottlenecking of operations and other efficiency enhancement measures to increase productivity till the new plants come up, he added.

On Monday, Everest Industries ended 2.82% down at Rs132.80 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.22% to 17,839.05.

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IDCO signs agreement with IL&FS Water to set up desalination plants

IDCO has entered a memorandum of agreement with IL&FS Water to set up desalination plants in Dhamara and Paradeep industrial area in Orissa for supply of water

IDCO has entered a memorandum of agreement (MoA) with IL&FS Water Ltd to set up desalination plants in Dhamara and Paradeep industrial area in Orissa for supply of industrial and domestic water.

The two companies will soon carry out a detailed survey to assess the requirement of desalinated water to meet the demand of up-coming industries in these areas. These desalination plants will be developed on a modular basis progressively to meet the increasing industrial demand. This is a unique step to solve the problems of nonavailability of sufficient sweet water for upcoming industries in those areas.

The land required for the project will be provided by IDCO after preparation of detailed project report. IDCO will also facilitate obtaining of clearances for the project and assist IL&FS Water to market the water.

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Lakshmi Vilas Bank implements financial inclusion

Lakshmi Vilas Bank extends banking services through business correspondents

Lakshmi Vilas Bank has announced to implement 'Financial Inclusion' in Tamil Nadu through an extension of its banking services by appointing 'Business Correspondents' across the state.

The bank has planned to implement its services with an objective of ensuring greater reach to the underprivileged sections of the society through availing the business correspondent services of intermediaries like NGOs/self help groups, microfinance institutions and other civil society organization (CSOs). State Level Bankers' Committee (SLBC) of Tamil Nadu has allotted 53 villages to Lakshmi Vilas Bank for promoting financial inclusion. These 53 villages are spread over 18 districts and are mapped to 42 branches of Lakshmi Vilas Bank in Tamil Nadu.

PR Somasundaram, MD & CEO, Lakshmi Vilas Bank said, "The bank is extensively involved in social sector lending throughout the country. Over two lakh customers directly benefit from our social sector lending programme. They are serviced through 51 branches in rural locations and 105 branches in semi-urban locations. The bank will be making available a wide range of financial services to every individual particularly weaker sections and low income groups."
For implementation of Financial Inclusion solution, Bank has tied up with Atom Technologies, to act as business correspondent and technology services provider, who will appointing the CSP (Customer Service Point) for our Bank.

On Monday, Lakshmi Vilas Bank ended 0.72% down at Rs96.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.22% to 17,839.05.

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