Kolkata, Jan 29 (IANS) Leading construction and mining equipment makers BEML is targeting foreign markets like Africa for supplying earthmoving equipment and also foraying into aerospace, a company official said here Sunday.
The company, which is poised to cross Rs.4,000 crore turnover this fiscal, is aiming a Rs.5,000 crore mark in the 2012-13 fiscal, company chairman and managing director V.R.S. Natarajan told media persons.
“The company is looking at Southeast Asian markets like Thailand, Malaysia and Indonesia for supplying earth moving equipment. We are also looking at Africa and South America and hope to achieve an export turnover of Rs.1,500 crore by 2018-19,” he said.
“We expect to double our turnover to Rs.10,000 crore in the next five years. We are now focusing on product development, and the first 100 ton dump truck will be out by March 31.”
With a strong presence in mining and construction, defence, rail and metro, the company is now foraying into aerospace.
“For expansion into aerospace, we have acquired 25 acres land beside Bangalore airport for building a factory which will be operational by Sept 2012,” he said.
The company is investing Rs.450 crores for the factory where helicopters and business jets will be manufactured and assembled. It will also manufacture parts for Sukhoi.
Natarajan said the company is now in the process of reviving Durgapur-based Mining and Allied Machineries Corporation (MAMC), which has been renamed MAMC Industries (Private) Ltd.
With the West Bengal government providing 195 acres of land at Durgapur at the previous site of MAMC, Natarajan was confident that MAMC would be revived, thereby helping in the revival of underground mines.
BEML now has a 48 percent stake in MAMC, with Coal India Limited and Damodar Valley Corporation holding 26 percent each.