Specialised engineered steel products manufacturer, Goodluck India Limited, on Monday, announced inauguration of its ₹210 crore hydraulic tubes manufacturing plant, having an installed capacity of 50,000 mt, at Bulandshahr in Sikandrabad.
The highly specialised hydraulic tubes, which find applications in construction machinery, light commercial vehicles and other industrial equipments, will act as a replacement for seamless tubes and help substitute imports.
According to MC Garg, Chairman & Managing Director, Goodluck India Limited, the greenfield project, which will commence trial production immediately. Commercial production is tentatively scheduled in the first week of January next year.
The project is fully funded through internal accruals.
“The hydraulic tubes with a diameter of 219 mm and a thickness of 15 mm are highly specialised. Since there are very few manufacturers for this quality of tubes globally, we expect a strong demand both from domestic and international markets. We are expecting a good growth in revenues from the segment moving forward,” Garg said.
“The project is a step in line to become a billion-dollar company in the next three-to-four years,” he added.
For the year ended March 31, 2024, Goodluck India’s revenues were at ₹3524.78 crore and it has a PAT of ₹130.54 crore.