On a roll Fabtech starts hiring more engineers

Vol 19, PW 26 (08 Sep 16) People & Policy

Market conditions are clearly improving - especially for qualified engineers looking for lucrative new assignments.

After Triune Energy it's now the turn of Pune-based Fabtech Projects to embark on a major recruitment drive. This report learns Fabtech wants to add up to 60 new people to its 500-strong workforce, mostly civil, mechanical, electrical, instrumentation and process engineers.

Most of them will be for a Rs433cr ($65m) EPC contract to construct a Secondary Tank Farm at Madhuban in Assam for Oil India which it won on June 13 this year. Fabtech has 24 months to complete work and the company's HR department is working round the clock to publish recruitment advertisements, invite CVs, shortlist candidates and hold interviews.

These are exciting times at Fabtech which had won orders worth more than Rs730cr ($110m) by the first half of 2016. Also planned is a stock market launch or Initial Public Offering next year (2017) to fund its rapid growth.

"Yes," confirms Fabtech CFO Ameet Rupnar, "we are recruiting to meet our increasing workload." On the planned stock market launch, Rupnar explains Fabtech needs money to finance its execution of EPC contracts and plans to carry out more work in the nuclear sector. "The size of the IPO could be up to Rs100cr ($15m)," adds Rupnar.

"But it depends on market conditions." Fabtech reported a turnover of Rs700cr ($105m) in 2015-16.