Universal Construction plans IPO for raising Rs 100 cr

MUMBAI: Pune-based Universal Construction Machinery & Equipment is mulling an initial public offer in the next fiscal to raise about Rs 100 crore to part finance its expansion projects, a top company official said.

"We have taken up a Rs 232 crore expansion project at Shivare near Pune to expand our construction equipment manufacturing capacity and introduce more products over the next five-year period," Universal Construction's Deputy General Manager, Business Development, Sanjay Apte, told media here on Monday.

India's construction equipment manufacturing industry was estimated at Rs 5,000 crore, Apte said, adding that although the activities in the real estate sector showed a downward trend presently, other infrastructure projects were in full swing.

Universal has a pan-India presence with three manufacturing units, seven zonal offices and 75 distributors.

The company also has expansion plans with manufacturing units proposed in north India and Rajasthan, which will cater to the needs of northern India.

The company is a leader with its product range comprising concrete batching plant, concrete mixer, mini dumper, passenger lift and transit mixer. The company now plans to add manufacturing of tower cranes and concrete pumps at its Shivare facility, Apte said.