We are living in extraordinary times, when on one hand global recovery
is gaining pace though slowly, and on the other political developments
in India are ensuring an enabling environment for enhanced economic
activity. According to the IMF, global growth is expected to touch
3.6% in 2014, and is expected to strengthen further towards the
beginning of 2015. The growth impetus is emanating from advanced
economies in sharp contrast to previous years, when developing
economies put up a better performance. Such a scenario will create
potential and other business opportunities for developing economies
like India to grow. In this context it gives me immense satisfaction to
inform you that Vaswani Industries Limited (VIL) has already focused on
enhancing production capacities, diversifying investments and
strengthening our core capabilities - raw material security, technology
\leadership and retail brand visibility - to leverage new opportunities.
Huge investments in above stated sectors are expected to remove the
bottlenecks of growth. Such a scenario will increase the country''s
hunger for steel and power. In both these sectors, VIL has a role, an
important one, to play in contributing to the nation''s demand.
We are investing significant resources to strengthen our market
position in existing regions, as well as establishing footprints in
newer and attractive geographies. During 2013-14, we completed multiple
expansions across locations to take cumulative steel and power capacity
to 7.50 MTPA and 4,527 MW respectively. In coming years, we will
enhance steel production capacity to leverage our captive coal and
iron-ore reserves, in domestic market.
During FY 2013-2014, we faced many challenges. But undaunted by the
nature, degree and kinds of these challenges we were able to surmount
them. Our performance gives us confidence that we will achieve our
goals. In all circumstances the ideas of caring and sharing cannot
leave us. In fact, they drive us and give us a sense of fulfillment.
The vision of our Board of Directors is always a guiding force and it
is reassuring that our journey towards greater glory is in the right