REN International, a 10-year-old company which manufactures and supplies automotive replacement fasteners to various export markets, is growing at 30 percent YoY.
28 Feb 2015 | 3152 Views | By Amit Panday
REN International, a 10-year-old company which manufactures and supplies automotive replacement fasteners to various export markets, is growing at 30 percent YoY.
For FY2015-16, Arvind Gupta, managing director, REN International, expects the company to grow by 50 percent on the back of new foreign orders. Gupta, a second-time participant ...
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REN International, a 10-year-old company which manufactures and supplies automotive replacement fasteners to various export markets, is growing at 30 percent YoY.
For FY2015-16, Arvind Gupta, managing director, REN International, expects the company to grow by 50 percent on the back of new foreign orders. Gupta, a second-time participant at ACMA Automechanika New Delhi, told Autocar Professional that “this has been a good platform for me for meeting business delegates and we have generated good orders especially for the export markets.”
Gupta exports his portfolio of fasteners to destinations such as the Middle East, Africa, USA and Europe.
On the other hand, Renuka Engineers, a 20-year-old New Delhi-based sister concern to REN International, caters only to the domestic demand of fasteners. It supplies to automotive, industrial and heavy engineering segments. “The automotive segment overall including both the companies contributes close to 60-65 percent of our total business. We have a production plant in Ludhiana where we manufacture fasteners (upto 24mm diameter, 250mm length) through cold forging and fasteners (upto 53mm diameter, 1 metre length) through hot forging processes. The plant’s total monthly production capacity is close to 70-80 tonnes, of which we are currently utilising 50 tonnes every month,” said Gupta.
Renuka Engineers, which is expected to grow by 12 percent during FY 2014-15 on the back of slow market demand in the segment, along with REN International has a combined turnover of Rs 5 crore. Gupta added that, “I estimate that the upcoming fiscal would be relatively better in terms of domestic demand. However, actual domestic growth I believe will be witnessed in 2016 onwards.”