Rieco Industries Ltd., a leading process engineering company in India has announced winning of two large contracts worth Rs. 100 crore of project orders in the Paint and Petrochemical industry.
One of the orders with a value of Rs. 80 crore is from a large Indian MNC entering the paint industry. The company will be supplying and erecting storage silos for chemical powders and explosion protection devices.
The second order of Rs. 20 crore (US $2.5 million) is an export order from one of the world's biggest petrochemical companies which has an oil refinery in Europe. Rieco will be providing a material (catalyst) handling system in hazardous areas and has to meet critical ambient conditions from -40 degree C - 40 degree C.
The company is excited to be part of these two complex projects. Speaking about orders bagged, Vikas R. Bhatia, Managing Director, Rieco Industries Ltd. said, "The Paint and Chemical industry has been growing at a fast clip in the past couple of years, especially in India. Indian manufacturers are adding greenfield and brownfield capacities and addition of new players in these sectors are making the industry competitive. Rieco is working as a partner with new and existing players to meet their requirements. We are making our mark in the chemical sector and our new order intake rate has been brisk.”
The company plans to hire 200+ new employees in the next 18 months, added Bhatia. This is in addition to the current workforce of 300 plus. The company also recently hired 16 GET’s from various colleges.
The company has a new facility in Ankleshwar along with existing ones in Alandi, Pune and Chakan Phase 3, Pune and plans to add a fourth facility in FY23-24. To provide more thrust on exports, the company has also participated in more than six international expos globally in Germany, Dubai, Sri Lanka, and Bangladesh and has received good orders.
Over the decades, Rieco Industries has grown to include several state-of-the-art solutions to its product portfolio including Clean Air Solutions, Powder Handling Solutions, Grinding Solutions, and other value-added services across Chemical, Food, Spice, Paint, Oil & Gas, Minerals & Cement, Power, Biofuels, Sugar Mills, and Steel sectors.
In the last two years, the company has introduced several innovative products in the market. Rieco is actively driving R&D initiatives with academic partnerships with IIT Bombay and Thapar Institute of Engineering, to introduce more innovative offerings for different use cases in grinding/pulverizing and powder handling.
