GG Engineering secures fresh order for supply of infrastructural steel

Infrastructure major GG Engineering, which recently ventured into the infrastructural steel business, has secured a fresh order for the supply of infrastructural steel. The company in a statement said that the order is worth Rs 32 crore and will be completed in the current quarter (Q2FY24). This is in addition to an existing order worth Rs 21 crore for the supply of iron raw materials.

Notably, the growth of the manufacturing sector in the country was adversely affected due to the Covid-19 pandemic, which has now shown positive growth in double digits and boosted the economy.

The firm aims to target growth of more than 20 per cent in its revenue from the infrastructural steel business. It has already had Rs 99.5 crore in revenues from infrastructural steel in the last financial. 

It is also in the advanced stages of exploring to add new products including steel pipes and hollow sections to the infrastructure vertical which will boost the revenue further. 

Incorporated in 2006, GG Engineering is mainly engaged in the business of manufacturing metal products including heavy steel products. It has been at the forefront of meeting the rising demand for superior infrastructural and structural steel and engineering products.

Meanwhile, Mauritius-based FII Vikas Global Fund PCC has picked up about 45 lakh equity shares of the company via a bulk deal for around Rs 63 lakh.

The rise in manufacturing activities in the last few years with the government undertaking various steps including interventions to improve ease of doing business has promoted domestic manufacturing and increased foreign investments.

India's small businesses account for about 33 per cent of the total output in the service sector, according to PIB data.

Schemes like Atmanirbhar packages, the introduction of the Production Linked Incentive (PLI) Scheme, and investment opportunities under the National Infrastructure Pipeline (NIP) among others have fast-track investments and created millions of employment opportunities.