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.

"We are preparing for an IPO by the end of current financial year. The issue size will be around Rs 100 crore," said R K Jain, chairman of the company. 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. Talking about the new unit, Jain further said, "We will set up an automatic transport line unit in Metoda GIDC. It will be one of its kinds of unit in India and will reduce our production cost and also help us to survive manpower shortage."