After working in Sharjah for 15 years, TC Shiju, 42, returned to his dwelling in Thikkodi village in Kerala’s Kozhikode district about two years in the past. He was in search of funding choices when he discovered a viable possibility in his village itself.
With an funding of simply Rs 1 lakh, he turned a associate in GTF Steel Pipes & Tubes LLP, a brand new building enterprise arrange by expatriates from Thikkodi and its surrounding villages.
Founded by the Global Thikkodiens Forum (GTF) – a social media group of immigrants from Thikkodi that started in 2015 following the job disaster within the Middle East – in May 2018, the unit started manufacturing earlier this month.
This is the primary such effort within the state the place migrants and returnees from a village have come collectively and raised capital for such a enterprise enterprise.
A complete funding of Rs 18 crore was raised from 207 individuals. Of these, 147 invested solely Rs 1 lakh. The worth of a share was mounted at Rs 50,000 and an individual needed to spend money on not less than two shares. There was additionally a most funding restrict – Rs 40 lakh per particular person.
“The major attraction of the venture is that a large section of the investors are ordinary people who have some small savings, few lakh rupees after years of toil in the Gulf. But for such an initiative, they are unable to be part of a professional business venture,” stated Mohammad Bashir Nadammal, president, GTF Steels.
“Most of those returns are invested within the enterprise or resort trade, after which return after big losses. Our concern was to make such individuals part of the enterprise enterprise.”
Omar Koyilil, 60, had returned to Thikkodi village about two years in the past after working for 18 years in Bahrain. “I tried to set up a small business, but it didn’t materialize,” he stated. “I’ve invested solely Rs 1 lakh on this enterprise. It has given me publicity to a enterprise enterprise. Otherwise, I might have ended up as a small dealer,” he stated.
Before deciding to arrange a unit to fabricate galvanized iron pipes and tubes, GTF explored different potentialities, together with built-in farming and tourism.
Explaining why they selected to arrange the unit, Ishak Koyilil, CEO, GTF Steels, additionally from Thikkodi, stated: “As per our analysis, the monthly demand of GI pipes and tubes in Kerala is 40,000 MT during pre-Covid. Was. This will now come down to 25,000 MT. However, the production in Kerala is only 4,000 metric tonnes per month. Our monthly production capacity is 3,000 metric tons. We see a huge potential for growth, as the construction and infrastructure sectors are poised for major growth in Kerala.”
None of the companions works within the manufacturing facility. Recruitment was performed in knowledgeable method, with solely certified, skilled employees chosen.
Abdul Latheef of Thikkodi additionally stated that they need to put ahead a enterprise and funding mannequin which may be emulated throughout the state. “This model will help common migrants to invest their hard earned money in viable business ventures. We have around 2,000 members in GTF. Only those willing to invest in the steel industry were selected as partners. We are also planning other ventures in which others on the platform can invest,” he stated.
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With inputs from TheIndianEXPRESS
