- 70th Indian Foundry Congress and IFEX to take place in Gandhinagar from April 17-19, 2022
- The theme of the 70th Indian Foundry Congress and IFEX 2022 is “Business Beyond Boundaries”.
- More than 230 exhibitors, including 40 from Gujarat, are participating in the IFEX Exhibition.
- Exhibition is first time 100% ATAMANIRBHAR without any foreign participation.
NE BUSINESS BUREAU
AHMEDABAD, APRIL 16
The domestic foundry industry, mother industry for all sectors, is aiming to double its market size to $32 billion and annual production capacity to 21 million tonnes (MT) over the next 5-7 years, industry body IIF said on Friday.
The industry is also expected to attract investment of Rs 500 crore from domestic and as well as international players, Institute of Indian Foundrymen (IIF) President Devendra Jain said while announcing the 70th Indian Foundry Congress, the 18th International Exhibition on Foundry Technology, Equipment, Supplies and Services (IFEX), and the Cast India Expo.
The three-day event will begin on April 17, 2022, in Gandhinagar, he said in a media interaction. Jain said the current market size of the Indian foundry industry is $16 billion with a capacity of 10.5 million tonnes per annum (MTPA).
The industry employs around 5 lakh people directly and 15 lakh indirectly.
Jain said the expo will facilitate technology upgradation and automation. Owing to the high-cost of equipment, the MSME sectors will not be able to make huge investments, he added.
”We aim to double our market size to $32 billion in 5-7 years, double our capacity and job opportunities,” he said.
Stating that China, the world’s largest foundry industry, has been facing severe coal shortage and power cuts. Following this crisis, many China-based companies have planned to shift their units to India, the number two foundry industry in the world. This is a blessing in disguise for Indian foundry industry to become numero uno soon, he said.
Replying to a question on likely investment for the targeted capacity expansion, he said various domestic and international players are looking to set up capacities in India as ”we are a growing market. We are receiving a lot of inquiries (for investment)”.
Jain further said there are certain challenges facing the sector, including raw material prices which have shot up significantly in the past few months.
In November 2021, prices of pig iron and steel scrap stood at Rs 44 and Rs 39 per kg, respectively. In March, the rates of the two items have climbed to Rs 68 and Rs 52 a kg, respectively.
Similarly, one kg of ferroalloy silicon, which was costing Rs 140 in November, is now priced at Rs 240, he noted. This has impacted production cost which has grown by about 50 percent, Jain said, adding ”70 percent of our production is consumed by the automobile sector.”
Besides, the foundry industry supplies items to industries like railways, engineering, and wind energy generators, among others.
”The 70th Indian Foundry Congress and IFEX 2022 are among the first few large-scale industry events since the pandemic situation started easing. It has received an excellent response from companies from India and overseas.
”We are confident it will play the role of a catalyst in helping the foundry industry reach the pre-pandemic levels,” Subodh Panchal, Chairman, Organizing Committee, 70th Indian Foundry Congress, said.
Panchal added that around 95% of India’s foundries are MSMEs. The foundry industry, the key component feeder of metal castings to almost all engineering sectors, has been absorbing the high cost of power — 20% of the manufacturing cost. But the unprecedented rise in the prices of key raw material, including pig iron, refractories, foundry flux and chemicals, has been too hard for the industry to tackle.. The 50% production squeeze by these units could result in a tough time for the engineering and automotive sectors in the coming quarters.
Foundry hubs like Ahmedabad, Rajkot and Jamnagar in Gujarat and Kolhapur in Maharashtra and Belgaum in Karnataka and other parts of the country have been working for three days a week in the larger interest of the staffers.
The theme of the 70th Indian Foundry Congress and IFEX 2022 is “Business Beyond Boundaries”. It will create an excellent networking opportunity for the foundry industry to explore new business opportunities and collaborations.
“The 70th Indian Foundry Congress will also witness a host of knowledge sharing activities such as panel discussions, presentations, and workshops.The event will bring together foundry industry leaders from India and across the globe, policymakers, business leaders, innovators and entrepreneurs, and provide a unique platform to exchange ideas, experiences and best practices in foundry management and technology. Leading Indian and international casting buyers from different industries are also taking part in the three-day event.” said Devendra Jain, President IIF.
More than 230 exhibitors, including 40 from Gujarat, are participating in the IFEX Exhibition. Exhibition is first time 100% ATAMANIRBHAR without any foreign participation, Jain added.
