Pune (Voice News Servie): Ice Make Refrigeration Limited (Ice Make), a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipment in India, has announced significant expansion plans at its Annual General Meeting. During this financial year 2022-2023, the Company is planning for the CAPEX in the Greenfield project of around Rs. 45 to 50 Crores in the refrigeration continuous penal business. This is in the similar product line where the company currently operates.
The Continuous Penals are used in the area like infrastructure, industrial & residential building. The project will be set up in a nearby area in Ahmedabad, Gujarat. The project will be fully functional in the next 12 to 15 months. As per the market survey, the future forecast of continuous penal business is pegged at a CAGR of about 14% during next five years.
Mr. Chandrakant P. Patel, CMD, Ice Make Refrigeration Limited said “. The project will further strengthen the business growth of the Company. We are in the process of evaluating various sources of finance for the capex plan of Rs. 45 to 50 crores. Our strategic priorities for FY 2022-23 also include focus on increasing top-line margins and ensuring a consistent growth of 25- 30 percent. Additionally, the Company is also looking for opportunities to expand geographically, by setting up a stock point or a small manufacturing unit to save logistics cost.
The Company offers a complete range of refrigeration solutions for a diverse set of clients across a wide range of industries. It has a unique product basket of over 50 products including Solar Cold Rooms that not only reduce the energy cost, but can also make a key difference in distant rural areas which are not yet electrified, or where power supply is poor.
Ice Make’s equipment product range also includes ice cream mix preparation for small and medium scale, specially designed mix plant units. Its chiller product range includes Air Cooled Chiller, Water Cooled Chiller, Liquid Chiller, Brine Chiller, and Screw Chillers.
