AVR Valves to raise Rs 100 crore via IPO

Mumbai : Rajkot-based vales maker, AVR Valves Private Limited is planning to raise Rs 100 crore through the initial public offering (IPO) during the current financial year.The company plans to setup an automatic valve manufacturing unit in the city.

Currently, the company's valve manufacturing unit operates manually. However, AVR intends to set up a new unit with automatic machinery. "This would double our production. The entire process of setting up the new unit will take about two years of time," said Jain chairman of company.

With already a production capacity of one million valves per month, AVR Valves is targeting to double it by 2014 end.

AVR Valves also plans to acquire a US-based company for which the company is in talks.the company expects its current turnover of about Rs 15-20 crore to touch Rs 50 crore after the commencement of new production line over the next two years.