Gontermann-Peipers seeks FMC nod for multi-commodity exchange
Kolkata based, Gontermann-Peipers (India) Ltd. (GPI), the largest manufacturer and exporter of cast and forged rolls, today said that the company has sought commodity regulator Forward Markets Commission (FMC) permission to set up a nation wide multi-commodity exchange."We have approached FMC for the setting up of commodity exchange. We will talk to foreign partners, once the approval received," Gontermann-Peipers, Managing Director, L K Poddar said here. The commex will be mainly cater to steel and metals trading, Poddar said."The company has taken up major expansion plans, which includes expansion of product portfolio with value added castings and entered into Memorandum of Understanding (MoU) with the Government of Chhattisgarh," the company said in a statement here.The company plans to extend its product portfolio with the launch of 6000 TPA value added castings project, it said.GPI is a leading engineering company engaged in the manufacture of cast and forged rolls - a key consumable of the hot rolled & cold rolled steel mills, with an annual capacity of 21000 metric tones per annum (mtpa).BSE-listed, GPI is the only Indian roll maker with both vertical and horizontal spin casting technology and enjoys a 40 per cent market share in the Indian roll industry.GPI holds the number one position in India and ranks amongst the top 10 players in the world.GPI reported an annual turnover of Rs 140-crore for the financial year ended 2009-10. Leading global steel manufacturers fall under GPI''s clientele, the company said.