Forace Polymers drives revenue growth through in-house innovations
Jyotindra Dubey September 28, 2015
BEST SME- INNOVATION
Forace Polymers, which started off as an ancillary of BHEL's foundry plant in 1980, moved to producing resins for the refractory industry much later. Today, the Haridwar-based company makes a wide range of products, including resins, catalysts, and hardeners for foundry, refractory, abrasives and rubber industries. Its turnover has skyrocketed from Rs 0.8 crore in 2002/03 to Rs 224 crore in 2013/14.
A fourth of Forace's revenues come from its innovations, which are propelled by a specialised R&D team. It has developed a solid resin technology for use in the shell process in foundries, which is more efficient than the traditional liquid resin technology used in India.
Garg is quite hopeful about growth opportunities: "The company's future strategy is to expand business through diversifying, while utilising and leveraging core competencies, focusing on innovation, developing new products and keeping abreast with latest technologies."