Mr. Kiran Mehta, Chairman & Managing Director
"Change is inevitable...Growth is intentional and Diversification is inspirational"
The last two years of global recession have been years of challenge for businesses across the world. The companies that survived and grew are those that were able to re-invent themselves and be flexible. For Varun Group, we believe the future is Beyond Steel and Beyond India...
Our recent and biggest achievement is our foray into Madagascar and we foresee exciting times ahead as each new investigation unearths valuable assets...the occurrences of precious metal and precious gems open up a whole new area of opportunity for the Group.
Varun's foray into Energy goes back to 2006 when it offered rig drilling and other services to Oil & Gas companies like ONGC and also set up wind mills in Jaisalmer. Today it has its own reserves in Oil & Natural Gas and most important uranium. It is our dream to contribute to alleviating some of the energy crisis being faced by the country and globally. We foresee our business alliance with Madagascar to offer us unimaginable growth prospects that we can convert to sustainable profits.
In our steelware business...like most exporters, Varun felt the heat of the economic slowdown but was able to maintain profitability by cutting down on its operational costs and other overheads. Varun's customers are loyal and have honoured their commitment and we also worked harder to improve customer satisfaction through round the clock service, better quality, better designs, better delivery schedules and all at attractive prices. Our domestic business is re-inventing itself with focus on shop-in-shop and corporate bulk sales and we are optimistic of emerging as a leading brand at home too.
Raw material prices are critical for the success of stainless steel products, hence we are concentrating on backward integration and expansion of capacities at our Jodhpur plant. We are also planning to set up two new backward integration steel plants - one in Rohat, Rajasthan and the other in Bagalkot in Karnataka, which will contribute in a big way to our profitability.
The future is full of challenge and new conquests but I am confident that with the commitment of my team, we will come through with flying colours."
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