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SRV Media
New Delhi [India], April 2: Maiden Forgings Limited, based out of Delhi, NCR recently signed an agreement in the last week of March 2024 and made payment for the acquisition of new land at another location in Ghaziabad. The land is almost double the size of its existing facilities spanning approximately around 4 acres. The company targets to consolidate two of its existing facilities into one as well as purchase some new machinery immediately for capacity enhancement. Currently, the company has plants located at three locations in Ghaziabad city. Maiden Forgings, is engaged in the production of multiple product lines of stainless steel, alloy steel and carbon steels. Its product range is one of the highest in the steel bright bars, wires and nails industry. It has a wide customer base belong to various sectors including Engineering components, Auto components, construction, defense, home appliances, etc. The company got listed recently in April 2023 on the BSE SME platform. The new manufacturing facility is expected to be operational by October this year. The company post completing the transaction within this calendar year seeks better operational efficiencies, significantly reduced operational costs and a significant reduction in the overall debt of the company. As per company estimates the company shall be gross debt free by the end of FY 2024-25 post completion of the transaction. Thus, the transaction enables the company to boost its gross & net profit margins considerably, while enhancing the gross sales of the company in the financial years to come. "We are extremely pleased to announce our purchase of land for our biggest manufacturing unit till date. This will enable us to increase the operational efficiencies, while reducing the operational costs as well as overheads. We are using latest technology in order to increase our production in the most efficient way, for example investing in solar energy in certain areas of the plant so as to reduce the electricity costs while increasing the production. This action will build a strong foundation for the future and create strength of the company to counter any risk from external economic factors. We are working step by step from getting company listed to enhancing the efficiencies to making right amount of leveraging and to producing advance products, in order to build one of the best company produced out of this great nation. The area should be suffice for all expansions to be done in the period of next 5 years." said company's MD, Nishant Garg. Along with this, the company has recently added numerous global names of repute as well as their suppliers to its customer list and with the new plant company plans to increase its product line as well as customer base with customers of high repute in the industry. For more information, visit - http://www.maidenforgings.in/ (ADVERTORIAL DISCLAIMER: The above press release has been provided by SRV Media. ANI will not be responsible in any way for the content of the same)
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