2020 and is estimated to record a CAGR of 19-21% over the next three years to reach 2 38 billion in Fiscal 2024
from 2 21 billion in Fiscal 2021, on account of incremental ambient warehouse addition and rise in the share of
organised warehousing players due to GST implementation by the Gol. (Source: CRISIL Report)

We have supplied our storage solutions to major customers in India. Some of the areas and applications to which
our storage solutions business would cater may include logistics, electronics, warehousing, manufacturing, retail
and healthcare, with solutions ranging from selective pallet, pushback pallet, pallet gravity flow, or drive-through
or cantilevered racking, mobile, sliding, multi-tiered, long-span, or boltless slotted shelving, mezzanine floors,
compactors or collapsible storage, goods lifts, cold storage racks and modular solutions.

Using our design and engineering capabilities, we have developed a vertical storage system with tray extractor
arrangements operated by a console, marketed under the brand name V-Store. With increasing space constraints
in urban areas, V-Store, which improves storage ratio and has substantial applications across various industries,
holds potential in the near future.

We have recently set up a new unit in Pune in 2019 with high end fully automated equipment from Italian and
Swiss manufacturers, which enables us to service the storage solutions market, catering to customers across India.

High-end precision products sub-segment

 

Under our high end precision products sub-segment, we manufacture aluminium products for power transmission,
high-end precision products and undertake sub-assembly, material handling equipment such as hoists, crane kits
and industrial gears, manufacture gear and gear boxes, marine engines and accessories.

High end precision products and sub-assembly manufactures tailor-made machines, sub-assembly and precision
components, designed for specific application to support high quality mass production. This involves high level
of design engineering and a complex production system which involves design and development, foundry and
casting, sheet metal fabrication, precision machining and assembly, finishing, testing and others.

In this sub-segment we undertake direct exports to various customers, including Mitsubishi Heavy Industries,
Rhein Getriebe and other global customers.

Aluminium products for power transmission

Our key products in our aluminium products for power transmission sub-segment include machined casting for
GIs.

Growth drivers in the aluminium products for power transmission sub-segment include the use of GIS instead of
air insulated switchgears (“AIS”), particularly in urban areas, as GIS is compact, occupies lesser space and has
lower maintenance as compared to AIS. Demand for industrial castings from the power transmission sector is
driven by investments of the central and state government transmission companies and, to a smaller extent, from
the private sector for the medium-voltage segment. Demand for industrial castings used in power transmission
grew at a CAGR of 2-4% over Fiscals 2016 to 2020 to = 15 billion. The decline in investment is expected to
impact demand in the casting industry for the year. According to CRISIL Report, a 20% decline in industrial
castings market is estimated in Fiscal 2021 to 2 11-13 billion. However, investments are expected to rebound from
Fiscal 2022, supporting demand in the casting industry. The industry is expected to reach = 18-20 billion,
recording a 4-6% CAGR during Fiscals 2020 to 2024. (Source: CRISIL Report)

The capabilities we use in our aluminium products for power transmission sub-segment include design and
development of castings, manufacturing of castings in our foundry facilities, precision machining and assembly
and testing and others.

Our products in this segment cater to power equipment manufacturers who in-turn supply to power transmission

and distribution utilities. In this sub-segment, we undertake direct domestic sales, and our key customers include
Siemens and others.

181
