Goodluck India inaugurates New Press for Forging Unit with an investment of Rs40cr; Stock dips over 2%

15 Feb 2022 , 12:14 PM

Goodluck India inaugurates the New Press at its forging unit in Ghaziabad in the presence of eminent foreign dignitaries. The new press has been imported from South Korea. It is supported by the latest technology and is fully automatic with minimum manual intervention. The total cost of the project is about Rs 40 crore.

C Garg, Chairman, Goodluck India Ltd. said, “this development opens doors to such profitable options. We will be now able to manufacture larger products for Defence, Aerospace and Critical Industrial machines.”

“We already have several enquiries and are confident of reaching the full utilisation levels for the new press within a very quick time frame. Since these are high value-added products, we are sure of moving upwards on EBITDA per ton matrix leading to higher and better profitability,” the Chairman added.

The Company stands to gain immensely with the commencement of operation of this press. Currently, one single largest piece of metal that can be pressed was 7000 kg. With the commencement of the new press, the single largest piece that can be pressed is 25,000 kg. With this, the overall forging capacity of the Company increased from 12,000 mtpa to 30,000 mtpa.

This brings in several advantages for the Company. Now large-sized forgings will be possible. Such forgings have wide applications in Defence, Aerospace and critical Industrial products. This development is in-line with the Company’s strategy of increasing its share of Value Added products and achieving moving towards its long term goal of higher and better profitability.

At around 12.12 pm, Goodluck was trading at Rs304 per piece down by 2.1% on BSE.