The management of Metal Manufacturing Nigeria Limited (MMNL) says that a credit facility it secured from the Nigerian Export-Import Bank (NEXIM) has increased the company’s production capacity to 25,000 batteries monthly.
The Managing Director of the company, Mr Kumar Saraf, and the Chief Finance Officer, Mr Bikash Kumar, disclosed this on Wednesday when they paid a courtesy visit to the NEXIM Bank headquarters in Abuja.
They were received by the NEXIM Bank’s Managing Director Abubakar, Abba Bello, and the Executive Director, Business Development, Hon Stella Okotete.
The management of MMNL provided insightful updates on the company’s remarkable growth and performances and added that its flagship brand “Starplus” has emerged as the best-seller in the local market, while an average of 4,000 batteries are exported to Ghana and other ECOWAS countries monthly.
▪︎In picture ( From left): Managing Director, Metal Manufacturing Nigeria Limited, Mr Kumar Saraf; Managing Director, Nigerian Export-Import Bank (NEXIM), Mr Abubakar Abba Bello; Chief Finance Officer MMNL, Mr Bikash Kumar and Executive Director, Business Development of NEXIM Bank, Hon Stella Okotete during a courtesy visit of MMNL management to NEXIM Headquarters in Abuja.
The Managing Director said the company has invested heavily in forward integration as it produces the plastic battery cases and has thus far, secured 10 Original Equipment Manufacturing (OEM) customers who previously imported batteries.
Part of the company’s growth trajectory also includes commencing a backward integration project, which would entail the mining of lead and setting up a beneficiation plant in Abakaliki, Ebonyi state.
The proposed project would ensure sustainable raw material supply and an increased export capacity. Saraf said: “The batteries are 100 per cent made in Nigeria with Indian technology.
“They are the first Made in Nigeria inverter batteries proudly supported by NEXIM Bank.” Managing Director of NEXIM Bank thanked the management of MMNL for the visit.