Forbes Marshall targets 15 per cent business growth in FY10

Engineering products manufacturer, Forbes Marshall expects to post lower growth during 2009-10 at around 15 per cent due to slowdown in the economy, a top official said.

"We are probably looking at a growth of 15 per cent in the current fiscal year," Forbes Marshall's director, Naushad Forbes said. The company had posted a 25 per cent growth in its business in the last financial year.

However, with revival in the economy, the company expects demand to pick up in the months ahead, Forbes said. Government's huge borrowing programme has raised concerns in the market in the form of upward pressure on interest rates and sufficient credit availability to corporates, he said.

"So far they (the Government) have been able to hold the interest rates low. How long the government will be able to keep the rates lower is an area of concern," Forbes said.

With recovery seen in the global and domestic markets, India is likely to return to the 8-9 per cent growth path by the second half of next financial year, Forbes said.  "I don't think there is any chance to get back to 8-9 per cent growth this year. In the second half of next year we will be able to achieve the growth rate," he said.

Forbes Marshall has 12 business divisions and manufactures products that cover the entire spectrum of energy generation, energy efficiency, control and instrumentation for the process and power industry.