The Company had embarked on an ambitious “Fortune 500 Plan” in the year 2003-04 with the vision of Achieving a Turn-over of Rs.500 crores and a PBT of Rs.50 crores in 5 years i.e. by March 31, 2008. In Furtherance of this plan, the Company undertook a modernization and expansion programe involving a Capital outlay of Rs. 282 crores. We are delighted to report that the goals of Fortune 500 Plan have been Successfully accomplished by 2006-07, i.e. one year ahead of the schedule. While revenues crossed the Rs.500 crores mark in 2006-07, Rs.50 crores PBT had been achieved in 2005-06 itself.

               All major capital projects envisaged in the Plan have already been completed and commissioned with a capital expenditure of Rs. 190 crores only. (This excludes the Rs. 33 crores invested in the China Plant – not a part of the Fortune 500 programme.) The balance capital schemes being implemented are worth around Rs.19 crores. Accordingly, the total capital expenditure incurred under the Fortune 500 Plan shall be only Rs.209 crores, resulting in a saving of Rs.73 crores over the original proposal.

               It may thus be concluded that the goals of Fortune 500 Plan have been fulfilled one year ahead of schedule at a much lower capital cost. Hence the Fortune 500 Initiative has been executed efficiently and effectively.