Minova Runaya Plans To Make India Its Export Hub For Ground-Support Products
It will identify locations across the east and the west coast of India to target exports to Australia and east Africa.
Minova Runaya Pvt. is planning to invest Rs 300 crore on the expansion of ground support and strengthening products for the mining and infrastructure sectors as it looks to make India its "export hub" for its products.
The joint venture between manufacturing start-up Runaya and UK-based Minova sees strong demand emerging from rail, roads, mines and underground tunnel segments, which will help grow its revenue fourfold in the next three to four years.
The manufacturer also sees strong potential emerging from the hydropower projects from the Himalayan region, Minova Runaya Chairperson Naivedya Agarwal told BQ Prime in an interview.
The geological conditions over there present opportunities to strengthen the base and structure of existing and upcoming hydropower projects; and prevent occurrence of landslides. It is in discussion with the government officials and is hopeful of bagging few orders in the area, according to Agarwal.
Left: Minova Runaya Chairperson Naivedya Agarwal.
Right: Minova Global CEO Ryan Kerr (Source: Vijay Sartape, BQ Prime)
The company, which manufactures secura bolts, friction bolts, dome plates and resins at its Bhilwara plant in Rajasthan, plans to include wire mesh and self-drilling anchors to its portfolio soon.
"We are also planning to bring some of our products used globally, such as injection chemicals, used to strengthen the ground structures, by injecting them in the soil to prevent events like landslides, and are a better option than wire mesh," Ryan Kerr, director of Minova Runaya, said.
There was a research conducted by Boston Consulting and Hindustan Zinc that proved Minova Runaya products are 70% better in terms of quality compared with existing domestic suppliers, according to the company.
"We are suppliers of tier 1 grade of products at a very similar price to our competitors, which makes us very competitive. It also keeps us a notch above others in competition," Kerr said. "Before we started manufacturing, these products were imported in India."
"We plan to grow India as our export hub in the next three-to-five years' time frame and (are) looking at (a) 30% revenue contribution from exports," he said.
The company will identify locations across the east and the west coast of India to target exports to Australia and the east African countries to begin with, according to Kerr.
The company expects its revenue to grow fourfold from Rs 250 crore at present to Rs 1,000 crore in the next three to four years, led by investments of Rs 300 crore in product expansion and focus on exports, Agarwal said.