Prakash Steelage to set up industrial park in Gujarat

MUMBAI: BSE-listed Prakash Steelage will invest Rs 70 crore to set up Krishna Industrial Park (KIP) in Umbergaon in Gujarat to meet the growing demands of upcoming SMEs in the state.

"We are investing Rs 70 crore to set up Krishna Industrial Park in Umbergaon in Gujarat. The state-of-the-art facility is set to open new avenues for SMEs in Gujarat," Prakash Steelage Chairman and Managing Director Prakash Kanugo told reporters here today.

To be set up in association with Kargwal Group, KIP will provide infrastructure ready industrial plots for factories, warehouses, workshops and service stations.

The park is targeted at small and medium enterprises such as textile industries, stainless steel, metal, packaging, plastic manufacturing, automobiles, food and agriculture, minerals and cold storages, Kanugo said.

The company hopes to post Rs 1,000 crore turnover in FY14 as compared to Rs 850 crore in FY13, he added.

Moreover, the Valsad-Umbergaon industrial area has been identified as an emerging industrial hub which makes it an attractive destination for companies from Maharashtra and Gujarat, Kargwal Group Managing Director Devang Varma said.

The KIP will offer good connectivity to ports and highways and has an exclusive loading and unloading area along with ample parking space. The plots are offered in the range of 427 sq mts to 3,325 sq mts and the project will be ready in the next two years.

Prakash Steelage is engaged in the manufacturing of seamless and welded stainless tubes and U-tubes from its two factories in Umbergaon in Gujarat and Silvassa.