Viki Industries mulls expansion via franchises
The Hindu
Viki Industries plans to triple turnover by 2024 through expansion, new markets, and value-added products like iSteel Zinc.
Viki Industries (VIL), which makes isteel TMT bars, is adopting a three-pronged strategy to increase its turnover by almost threefold through expansion, entry into new markets with the help of franchisees and introduction of value-added products, a top official said.
“Given the increase in demand for building materials, we have decided to increase the annual production capacity of TMT bars at our Gummidipoondi plant from 1.85 lakh to 2.50 lakh by end-2024,” CEO G. Gautam Reddy told the media.
According to him, it would entail an investment of ₹30 crore which would be met through internal accruals and bank borrowings.
Besides, the company has also decided to foray into making value-added products such as cut and bent items through a separate division as it would save time and money for consumers and builders.
“It is a five-year plan and would come up in a different plant for which we are scouting for two acre of land. It would commence operations by FY27,” he said.
The city-based firm sells its products mainly in Tamil Nadu, Andhra Pradesh, Kerala and parts of Karnataka. “Once our plant reaches full capacity, we will adopt franchise model to expand our reach in Telangana and Karnataka through franchisees. In Tamil Nadu, the company has a market share of 6-7%,” he said.
VIL ended last fiscal with a turnover of ₹650 crore and is expecting to hit the ₹2,000-crore mark by FY27.
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