Maiden Forgings Acquires 4 Acres of Land for Consolidation and Expansion, Aiming to Commence Operations by October
Apr 02, 2024
PNN
Mumbai (Maharashtra) [India], April 2: Maiden Forgings Limited (MFL) is one of the leading manufacturers of wide range of Bright Steel bars and wires from past 35 years has successfully acquired land nearly double the size of its current facilities, spanning about 4 acres. This aims to combine two of its current facilities into one and promptly acquire additional machinery to increase its capacity. Presently, the company currently operates plants at three distinct locations within Ghaziabad city.
The company intends to get the new manufacturing facility operational by October this year. Following the completion of the transaction within this year, the company aims to enhance its operational efficiencies, decrease costs, and lower its overall debt. MFL anticipates being completely free of gross debt by the end of the FY 2024-25 after finalizing the transaction. This transaction allows the company to significantly increase both its gross and net profit margins, while also enhancing its gross sales in the upcoming financial years.
Additionally, the company has recently included many well-known international companies and their suppliers on its list of customers. With the upcoming plant, the company aims to grow its product range and customer base, focusing on reputable industry clients.
Commenting on this Achievement, Nishant Garg, Managing Director of Maiden Forgings Limited said, "We are thrilled to share the exciting news of our recent acquisition of land for our largest manufacturing unit yet. This strategic move marks a significant milestone for our company and positions us for enhanced operational efficiency and cost reduction. By leveraging the latest technology, including investments in solar energy to minimize electricity costs while increasing production, we are laying a solid foundation for our future growth.
This proactive approach not only strengthens our company's resilience against external economic factors but also underscores our commitment to sustainability and innovation. We are dedicated to taking measured steps, from listing our company to optimizing efficiencies, managing leverage, and developing advanced products. Our goal is to establish ourselves as one of the premier companies in our nation.
Additionally, the ample space provided by this new land ensures that we have the capacity for all expansions planned over the next five years. This forward-thinking investment reinforces our long-term vision and underscores our confidence in the bright future ahead for our company."
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