Sanghvi to invest Rs 350 crore for power sector cranes

25 Nov 2009 Evaluate

Crane hiring company Sanghvi Movers Ltd (SML) will focus on acquiring cranes for the power sector in the coming fiscal and plans on a capex of Rs 350 crore for the purpose. By the end of FY 10, the SML fleet will consist of 342 cranes.

 

It plans to buy another 60 with an investment of Rs 350 crore during the 2010-11 fiscal. These will be specifically for the power sector. The financing will be through internal accruals (25 per cent) and the rest through bank borrowings.

 

During the current year, around 41 per cent of the company’s revenue will come from the power sector. Over the next 18 months, it is expected that 50 per cent of its revenues would come from this sector.

 

SML has already invested Rs 70 crore in acquiring new cranes this year. Another Rs 90 crore will be spent by March 2010, taking the company’s gross block investment in cranes till then to Rs 1,200 crore.

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