Ice Make to invest up to Rs 50 Crore in expansion plans

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, the Company is planning to set up aGreenfield unit at a cost of around Rs. 45 to 50 Crores. The Company will manufacture Continuous Penals that are used in areas like infrastructure, industrial & residential buildings. The project will be set up in Gujaratand expected to be fully functional in the next 12 to 15 months.

Mr. Chandrakant P. Patel, CMD, Ice Make Refrigeration Limited said “. As per the market survey, the future forecast of Continuous Penal business is pegged at a CAGR of about 14% during next five years. We are confident the project will further strengthen the business growth of the Company. We are in the process of evaluating various sources of finance for our capex plan of Rs. 45 to 50 Crores. 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.

Our strategic priorities for this financial year also include focus on increasing top-line margins and ensuring a consistent growth of 25- 30 percent”. He said

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.

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