Sanghvi Movers Ltd Company Summary

Sanghvi Movers Ltd Summary

Sanghvi Movers Ltd, a flagship company of the Sanghvi Group, is one of the largest cranes hiring Company in India, third largest in Asia and ranked tenth largest in the world. The companys main business is operation of cranes. They are engaged in the business of providing hydraulic and crawler cranes to various industries in the infrastructure areas with a fleet of 426 medium-to large-size hydraulic trucks mounted telescopic and lattice boom cranes and crawler cranes with lifting capacity ranging from 20 tons to 800 tons. The companys service network includes various depots located at Pune, Vadgaon, Chakan, Nagpur, Jamnagar, Bharuch, Delhi, Cuttack, Bangalore, Chennai and others. The sectors serviced by the company include wind power, steel, power, refinery, cement, metals, construction and paper. The company also has operations in power generation wind mills of 5.05 megawatts installed in states of Rajasthan and Karnataka.Sanghvi Movers Ltd was incorporated in the year 1989 and converted into a public limited in the year 1994. The company was promoted by C P Sanghvi and A P Sanghvi. In the year 1995, the company came out with a public issue at a premium of Rs 75 to part finance the acquisition of equipment and assets to expand its activities.During the year 1997-98, the company imported 28 cranes worth Rs 26 crore from Singapore for meeting the requirements of Reliance Petroleum Ltd for their Refinery at Jamnagar and Oil & Natural Gas Corporation Ltd for their Oil Field Project. In March 1998, the company took over the entire Cranes Division of a group company, namely Maharashtra Erectors Ltd, along with all their assets and liabilities on the going concern basis.During the year 1999-2000, the company completed the erection jobs for refinery at Reliance Petroleum Ltd, Jamnagar. During the year 2000-01, the company set up depot/ workshop at Baruch and Chennai for reducing mobilization cost and ensures timely deployment of cranes in these regions.During the year 2003-04, the company diversified their business activities and ventured in the Business of Power Generation by commissioning 5.05 MW Wind Mills of Rs 21.90 crore in Jaisalmer, Rajasthan and Chitradurga, Karnataka. Power Generation from Wind Mills commenced on September 30, 2003. The company purchased additional cranes of Rs 21.61 crore as expansion programme. The company completed expansion in cranes of Rs 81 crore during the year 2004-05, Rs 170 crore during the year 2005-06 and Rs 180 crore during the year 2006-07. During the year 2007-08, the company imported 34 Nos cranes and some attachments aggregating Rs 22048.43 lakh. Also, they purchases two lands at Jamnagar and Gadag (Karnataka) for depot purposes.The Business of Power Generation from Windmills was commissioned in Jaisalmer, Rajasthan and Chitradurga, Karnataka in 2009-10. During FY 2021-22, the Company incorporated its wholly owned subsidiary namely Sanghvi Movers Vietnam Company Limited at Vietnam on 16 September 2021. It focused on optimum crane utilisation of its crane fleet and resulting to this, the average capacity utilisation of crane fleet improved to 76% in Financial Year 2021-22.