Electrotherm

completed

Electrotherm India Limited (Electrotherm or the company) is a medium sized engineering company with a leadership position in Engineering with its induction furnace technology business for the steel industry, and a presence in two other broad business segments – Steel Products and Electric Vehicles. Electrotherm is India’s largest manufacturer of customized induction furnaces for foundries, and for mini-steel plants. The company manufactures induction furnaces, ladle refining furnaces, induction heating & hardening equipment, and other specialized metallurgical equipment at its Palodia facility (near Ahmedabad), which also houses its projects division and head office. The ccompany also has an existing integrated DRI sponge iron and finished steel plant of 200,000 mtpa capacity at Samakhiyari, in Kutch district of Gujarat. Electrotherm manufactures finished steel products including structural & alloy steel, bars & Ductile Iron (DI) pipes at the Kutch facility. Further, the company has commenced manufacture of electric bikes. The electric vehicles facility is also located on the steel plant premises in Kutch. Electrotherm proposes to undertake a capital expenditure program over the next 3 years to: - expand its steel capacity by 200,000 TPA by setting up a 150 TPD MBF and a 30 MW captive coal/lignite based power plant; - expand its engineering business; and - diversify into a broader range of electric bikes and vehicles.IFC’s proposed investment is a corporate debt to the company, on IFC’s own account.