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Pradip Group's commodities turnover to rise to Rs 800cr by 2006-07

03
Feb '06
Pradip Group of Companies has decided to target commodity trading with a 100 percent focus on global market set to rise from Rs 200 crore during the present financial year to Rs 800 crore by the year 2006-07.

The group is in textile business for last 20 years whereas it entered commodity trading 10 years back which is slated to increase four times by next year, said Pradip Karia, founder of the group.

The company intends ivesting Rs 300 crore in trading of gold, gems and jewelry, he informed.

Trading in rough diamond has been taken up presently targeting countries of Far East.

Gems, rough diamonds and jewelry will be bought from Kolkata by the company for exporting it to Japan, he said.

The group plans to enter capital market by August 2006 to raise around Rs 205 crore.

Major share of the fund will be used for textile and the rest for commodities, explained Karia.

Group Turnover of the is targeted at Rs 400 crore in the current fiscal, and next year it is projected to rise to around Rs 2,000 crore, said Karia.


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