BUSINESS & FINANCE
Danieli bullish on India growth prospects
Italian metals engineering major Danieli is optimistic about its growth prospects in India, with the ongoing consolidation in the steel sector and new opportunities emerging in rail transport.
"We are optimistic about the steel sector, though several projects got delayed in the past. Demand projections are strong and the consolidation will help in revival. However, we exercise caution about the future," Danieli India Ltd Director Francesco Esposito said, referring to the ongoing insolvency proceeding against some steel makers.
In India, Danieli supplies machinery and technology to steel and aluminium producers in India.
"We do a business of about Euro 200 million in India. Imports will be to the tune of about Euro 100 million, while another Euro 100 million worth of project equipment is produced by us or outsourced locally in India to execute our projects here," Esposito said.
Danieli set up a machinery equipment and spare parts making plant at Sri City, Andhra Pradesh in the 2014-15 fiscal, producing about Euro 20-25 million worth of goods a year.
The company also forayed into service contracts for managing some of the non-core operations of steel companies, in order to overcome the slowdown in execution of new steel capacities in India.
Danieli also sees opportunities in the transport space, especially in the railways, for aluminium coaches and high-speed trains.
The company is fully geared to supply technology on a turnkey basis to execute such manufacturing facilities in India, Esposito said.
Alberto Cavicchiolo, chief of the Indo-Italian Milan Hub that acts as a liaison between companies and the government, said with the help of sovereign funds, Italy was capable of extending financial assistance to execute high-speed rail projects.
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