Financial Daily from THE HINDU group of publications
Friday, Oct 14, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 14, 2005 |
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Corporate
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New Projects FFE bags Rs 120-cr order for Kuwait plant Our Bureau
(From left) Mr Rudy Edge, Managing Director and CEO, FFE Minerals, Mr J.H. Rasmussen, Group CEO, F.L. Smidth and Co, Mr Saad A. Akashah, Chairman and CEO, Petroleum Coke Industries Co, Kuwait, and Mr Srinivas Vedala, President (Marketing), Rain Calcining Ltd, at a press conference in Chennai on Thursday. — Bijoy Ghosh
Chennai , Oct 13 FFE Minerals India Pvt Ltd has bagged a Rs 120-crore contract to design and supply a 3.50-lakh-tonnes-a-year coke calcining plant in Kuwait. It signed an agreement with Petroleum Coke Industries Company of Kuwait for the plant today. The contract is to be executed over the next 18 months, company officials told newspersons. The officials also said that FFE Minerals India, a wholly owned subsidiary of FL Smidth & Co of Denmark - which supplies technology, equipment and plants to the cement and minerals sectors - will expand its engineering centre in Chennai. It has bought six acres at Siruseri on Old Mahabalipuram Road and has commenced work on the centre. FFE Minerals India now has 800 engineers on its rolls and this number is expected to go up to 1,200 by 2007, when the first phase of the centre will be ready, according to Mr Jorgen Huno Rasmussen, Group CEO, FL Smidth & Co. He said that in the second phase, the centre would have 3,000 engineers. In the first nine months of this year alone, the company has recruited 200 engineers from disciplines such as chemical and mechanical. Mr Rasmussen said that the group viewed India as a promising market for its cement and minerals activities and also as a resource base. The Chennai engineering centre - one of the three engineering centres in the group, the other two being in the US and Denmark - would increasingly contribute to projects being taken up by the group worldwide. Chennai offers qualified engineers and the cost is competitive, he added. Mr Rasmussen is confident about the growth prospects of FFE Minerals India and expects the company to increase its order bookings by 50 per cent this year and another 50 per cent next year. During the last fiscal (January-December 2004), FFE Minerals India booked orders worth $100 million (about Rs 450 crore), he added. Mr Rudy M. Edge, Managing Director and CEO of FFE Minerals India, said that by January 1, 2006 the company would have an order book of Rs 500-600 crore. He expects company to end the current fiscal with a turnover of Rs 350 crore, up from Rs 200 crore last year. Mr Edge signed an agreement with Dr Saad Akashah, CEO of Petroleum Coke Industries Company of Kuwait, for the coke calcining project. Petroleum Coke Industries is promoted by two Kuwaiti investment groups - Al-Mal and Al Sagar, which together hold 75 per cent equity stake - and Rain Calcining Ltd of Hyderabad and Oxbow Carbon and Minerals LLC of the US, which together own the remaining 25 per cent equity. Rain Calcining will operate and maintain the Kuwaiti plant for seven years. Mr Edge said that a number of FL Smidth group companies in India would participate in the Kuwait project. About 8,000 tonnes of manufactured goods would go out of India as equipment for the Kuwait project, with some key components coming from the US and Europe.
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