Chennai, August 6, 2009: Coromandel Engineering Co.Ltd. (CECL), belonging to the USD 3 Billion Murugappa Group has announced ambitious plans for growth in the ‘Construction’ Sector. Started in the year 1947, CECL, has many landmark structures built across the country and overseas in Mauritius. CECL reached a milestone of Rs. 100 Crore turnover for the year ended March 2009 and is betting on strong growth to double the turnover in the year 2010-11
CECL has been present in ‘Construction Contracting’ for established business houses and also developing residential complexes. In the ‘Contract’ segment of the business, CECL has many prestigious customers like Madras Cements, India Cements, Silkroad Sugars, SV Sugars, NLC, Siemens, Ashok Leyland, DCW, Ford India, LMW, Visteon, Alliance Tires, Subburaj Paper, Thiagarajar College, Vinayaka Mission, Tata Ryerson and the list goes on..
CECL has specialized in constructing Cement Plants, Power Plants, Chemical Plants, Sugar Plants and other Industrial Plants. CECL have a strong presence in building hotels across South India. Chola Sheraton and Trident in Chennai and Windsor Manor, Ashoka and Holiday Inn in Bangalore are some of the well known hotels built by CECL. Among the office buildings, CECL was the chosen builder for the famous LIC in Chennai and Mauritius.
On the residential segment, CECL has the most trustworthy ‘Coral’ brand of apartments built across Chennai and Coimbatore. With about 30 apartment complexes under the Coral brand, CEC has established a strong presence in this segment. CECL’s latest project was a 80 apartment complex in Coimbatore, delivered last year, which saw a big demand from the customers. With over 200 qualified engineers, CECL is gearing for bigger growth in the coming years.
Commenting on the results, Mr. Kumar, Sr. Vice-President of Coromandel Engineering said, “It is a momentous occasion for us to cross the milestone of Rs. 100 Crore in turnover for the first time. We started focusing on reviving our once well established construction business since the year 2006 and are glad that in a short span of 2-3 years we could touch this Rs. 100 crore mark. The demand for quality construction in a developing country like India is going up steadily and we at CECL are well poised to grow aggressively on the strength of our quality construction and our reputation. We have built a strong team of over 350 employees, invested in necessary construction equipments to deliver projects on time”.
Mr. K.E. Ranganathan, CEO of the Diversified Business Group in Murugappa Group said, “A customer in the residential market today demands Quality, Reliability, Delivery and Affordability”. ‘Coral’ Brand has captured the essence of this consumer need and translates the same by delivering beautiful homes. We are now gearing to launch over 1 million Sft of high quality residential projects in Coimbatore in the next 3-9 months.”
On the ‘Construction Contract’ front, we are well poised to meet the increasing demand for quality & timely construction of projects from various industries like Cement, Steel, office, commercial, educational and manufacturing sectors. In the construction industry, quality can never to achieved by cutting costs using low cost raw material etc. We at CECL believe that we offer life time value to our esteemed customers by delivering consistently on our promise of Quality, Reliability, and Delivery.
Propelled by the strong demand for construction across India, we are poised for aggressive growth in this business. We are aiming to touch revenues of Rs. 500 Cr in the next 3-4 years’ through sharper focus on ‘Contract’ and ‘Property Development’ segments. We are listed in the Madras Stock Exchange and in the process of getting our equity shares listed in the Mumbai Stock Exchange which will create value for all our stake-holders.
About the Murugappa Group
Headquartered in Chennai, the Rs. 15,646 crores (USD 3 billion) Murugappa Group is one of India’s leading business conglomerates. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, its 29 companies have manufacturing facilities spread across 13 states in India. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Cargill, Foskor and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.
For further information, please contact:
G V Kumar
Sr. Vice President
Coromandel Engineering Co. Ltd.
3rd Floor, Parry House,
43, Moore Street.
Tel: 044) 25306667
Mobile: 098409 32988