India is undergoing a remarkable transformation with the Fourth Industrial Revolution underway. Over the last two decades, the digital adoption has catalyzed the industrial evolution. The country has been witnessing tremendous growth in automotive, heavy engineering, oil & gas and other industrial segments. The ongoing escalation in these industries is propelling the demand for metal components and closed die forging technology. Especially in the automotive sector, the degree of adoption of forged products is increasing day by day. Unique Forging established its machining units with the potential to cater to such surging need in the market¬place. As the entire industry is striving hard to serve the profusely challenging demand for machine parts Unique Forgings materialized the advent of customized forging solutions with robust technology and 35 years of industry experience.
Vinit Sherasiya, Director, Unique Forgings states, “The business complexities are constantly evolving. Earlier the modus operandi was very different than what it has become at the present day. The forging parts used to be manufactured in-house and transported afterwards to the clients of the concerned regions. We partnered with the local vendors in those locations to produce machine parts and then supply them to our client. But the scenario has changed to a great extent in the past five years. Now, consumers want the deliverables in machine condition. Hence, we set-up our own machining units that help us respond to the client expectations in a better way”.
The Growth History
Being in the market since 1987, Unique Forgings is not only the witness to self-growth, but also the growth of the industry over time. As the forging segment was not flourishing with sufficient number of players in initial days, certain companies used to have monopoly over the market. The manufacturing was done locally and the forging manufacturers were just enough to cater to the limited demand. But the emergence of more consumer electronics companies with time has raised the demand of forging products in the market. The sectors that influenced this demand are automotive, material handling, heavy engineering, heat exchanger manufacturing and several others.
According to the Director, the ultimate growth of the forging industry has been motivated by rapid urbanization and growing population. 20 years ago, the number of companies in the Indian forging industry was limited that used to cater to the consumer demand across the country. Eventually, the influx of forging service providers became able to create the availability of metal components and started to create a balance between supply and demand. He says, “As the number of products increased in the market, quality consciousness of the consumer proportionally increased that culminated in improving the service quality of the forging industry. Our experience in the industry over three decades helps us understand the individual requirement of the consumers to the core in order to serve them with quality products and add value to the client’s business at the end of the day”.
The Journey of Transformation
Vinit Sherasiya is one of the second generation entrepreneurs for Unique Forgings.
It was started by Vrajlal Sherasiya two decades ago with a small scale forging plant with his two real brothers Gunvant Sherasiya & Pravin Sherasiya along with their brother in-law Haresh Sarkhedi. A lot of dedication and hard work were foundational to the inception of the company. The founder started-out as an employee in this sector and gradually gained enough experience to start-off on his own. Since that day, Unique Forgings has been only travelling upwards. The company was established to cater to the demand of a single company, but now, it offers its products to numerous companies belonging to different segments in the industry.
As the Director states that with the increase in demand of components, the number of players in each and every client segment grew as so did the competition in the industry. It became utter necessity to keep-up with the modern technology and at the same time offer competitive pricing. As of today, Unique Forgings has three forging units that can manufacture components ranging from 1 to 35 kilograms respectively. On the other hand, the company also has two machining units where the forged components are assembled to obtain the final deliverables. Unique Forgings adopts best industrial practices over the world to deliver quality machineries of international standards to their customers. While constantly modifying their quality management system, they conform to all regulatory guidelines in the concerned field
Pravin Sherasiya, Managing Director
Vinit states, “As it stands, our company caters to some of the primary electronic sectors of the industry that include the automotive industry, gearbox manufacturers, material handling equipment manufacturers, mining machine manufacturers, heavy engineering industries, heat exchanger manufacturers, dairy equipment manufacturers, refineries & petrochemicals, insulator & transmission industry, railways, defence, agri industry,brass components and many others. We have also extended our wings to export of heavy engineering products”.
Future Roadmap
Unique Forgings achieved new heights since it set its footprint in the market. When COVID-19 hit the country in 2020, the forging sector experienced massive decline in production and supply, which resulted in a deteriorated gross turnover of the sector during the financial year. Unique Forgings, being a player in this domain, also had to face the consequences. Despite that, the company was able to conduct Rs.300 crore of business last year, which stands testimony to its experience and stability. The company’s motto is always to serve the customer with the best possible quality in deliverables, and it stood up to it even in the most challenging times. Looking ahead at the future plans of the company, the director states, “We are targeting at becoming a public limited company soon. It was because of the pandemic outbreak that the procedures came to a standstill for a short span of time. But now, we have started working on our upcoming goal. We are hoping to see some further investments in the coming financial year, after which we will be looking into the stock exchange”.
Our experience in the industry over three decades helps us understand the individual requirement of the consumers to the core in order to serve them with quality products and add value to the client’s business at the end of the day
The company aims to add further value to the Indian forging industry. Their motto being the deliverance of best quality product to the customer, it is what they exactly want to expand on in the future course of time. It is about to launch its fourth forging unit very soon which will be able to manufacture components weighing up to 100 kilograms each that will increase the company’s forging capacity by a huge extent. Unique Forgings is also coming with its third machining unit that will be of major help to the operations of the company. Currently, the machining facilities of the company has limited structure which is not enough compared to its forging amenities. The construction of the third machining unit will somewhat equalize the forging and machining capabilities of the company. Speaking about further future prospect of the company, the Director concludes, “We are planning to majorly extend our operation to the manufacturing for the defence sector of the country which is one of the primary sectors of importance to the nation. We look forward to achieving this goal as the fastest”.
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