post news network, Bhubaneswar, May 5: My Home Industries Pvt. Ltd. (MHIPL), a subsidiary of the My Home Group, is eying a 20 per cent growth this fiscal in the state, a top official of the company said.
“We are targeting a 20 per cent growth in the state this fiscal. The company will achieve the target by expanding its footprint as well as by launching a new product,” MHIPL managing director J Ranjit Rao said while launching the new cement brand ‘Maha solid HD Plus’ here, Tuesday.
On the turnover of the company vice president – marketing P.J Mathai said the business of the company stood at Rs 500cr, thereby exhibiting a growth of 20 per cent during the last fiscal.
On the new product, he said it is in the premium product range and is manufactured in the Vizag grinding unit, having a capacity of 20 lakh tones per annum.
“Due to balanced chemical composition, the new cement gives a superior resistance to corrosion from hazardous chemicals prevalent in the environment. With the launch of the new product we are targeting to increase our market share from 12 per cent to 14 per cent by the end of this fiscal,” Mathai added.
On the expansion plan of the company Mathai said the company plans to increase the number of distributors from 620 to 700 in the state by the end of this fiscal. It also wants to increase its manufacturing capacity from 84 lakh tones per annum to 1.2 crore tones per annum within three years with an investment of Rs 3000cr.
“With the recent takeover of Sree Jayajothi Cements Limited in Kurnool district, the installed capacity of the company has gone up to 84 lakh tones per annum making us one of the largest cement producers in south India,” Rao said.