Mumbai, Maharashtra
Rajratan Global
Wire, the largest domestic manufacturer of bead-wires, is investing Rs 3.2
billion for increasing its domestic and overseas capacity.
Sunil Chordia,
Founder and Chairman, Rajratan Global Wire, told PTI that the investment would
be for two capacity additions at a greenfield plant near Chennai (for Rs 2.5
billion) and a brownfield plant expansion in Thailand (for Rs 700 million).
Talking about
the Chennai plant, Chordia said that the company signed an agreement with the Tamil Nadu government
to set up a 60,000-tonne capacity bead wire plant, which will be ready by the
end of FY24.
Once both plants
are ready, Rajratan will become the largest bead wire-maker in Asia and the
second-largest in the world, producing 1.8 lakh tonnes annually.
Rajratan
manufactures prestressed concrete wires, prestressed concrete strands,
bead-wires and high carbon steel wires.
The Indore-based
company competes with Tata Steel and Ludhiana-based Aarti Steel in the Rs 10
billion domestic market. Its global competitors are South Korea’s Kis Wire and
Belgium-based Bekaert, which are currently the two largest bead-wire makers in
the world.
Bead-wires are
used as reinforcement in tyres that holds the tyre on the rim. They are a key
input for tyre-makers with over 50% market share.
Source – ET Auto
Image Source: Rajratan Website
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