NewswireTODAY - /newswire/ - Hyderabad, Andhra Pradesh, India, 2007/10/31 - To focus on new technology products in infrastructure [BSE: 532439; NSE:GOLDTELE].

Goldstone Teleservices Limited, the largest Indian manufacturer and suppliers of Composite Insulators, has decided to change its name to “Goldstone Infratech Limited” (GIL).

The name is in line with the company’s new thrust areas in infrastructure and technology products related to infrastructure.

Commenting on this development, Mr L.P Sashikumar, Managing Director, Goldstone Teleservices Ltd said, “There are many emerging opportunities that the company is looking at and a name that is more in line with the target business was needed.”.

Goldstone Teleservices has achieved a turnover of Rs. 280 million against Rs.108 million registering a growth of 260%, by the end of second quarter. There has been a rise in net profit from Rs.10.1 million to Rs 41.2 million registering a growth of 400%.

“Currently the R&D center is working on the development of various high performance Silicone rubber based Polymer compounds for different electrical applications. Recently the company has developed a Field Joint Coating System for Oil & Gas Pipeline protection which is manufactured for the first time in India”, added Mr. Sashikumar.

The Company expects to start production of the corrosion protection sleeves for the Oil and Gas Pipelines by the end of the financial year.

The company has started focusing on the export market of Composite Insulators. It is presently executing an export order valued at Rs.10 million to Kenya and expects exports to contribute sizable revenues next year.

To broadbase its Board, the company has also appointed Mr M Gopalakrishna as an Independent Director. A retired IAS officer, he holds administrative and managerial experience of over four decades in the Government and Public Sector power utilities.

About Goldstone Infratech Ltd

Hyderabad based Goldstone Infratech Ltd. (formerly Goldstone Teleservices Ltd.) is part of highly diversified Goldstone Group of Companies.

Goldstone Infratech Ltd is an ISO 9001-2000 certified company engaged in the manufacture of Composite Insulators & Telecom Cable Jointing Kits. It was the first company in the country to start manufacture of Composite Insulators & is the only company in India to have facilities for manufacturing Polymer Compounds for complete range of Insulators from 11kv to 400kv. The Company pioneered a revolution in Composite Insulators technology in India through extensive in-house R & D. It’s R & D center is recognized by Department of Scientific & Industrial Research, Govt. of India.
The Company is planning to manufacture & develop value added products in the Power & Energy sector and is in the process of setting up plant for manufacture of Corrosion Protective Sleeves for Oil & Gas Pipeline for which the Polymer Compound has been developed by in-house R & D.

Agency / Source: Ogilvy Public Relations

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