Plans to set up a new manufacturing unit

Ice Make Refrigeration Limited (Ice Make), a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipment in India, has announced significant expansion plans at its Annual General Meeting. During this financial year, the Company is planning to set up a​Greenfield ​ ​unit at a cost of around Rs. 45 to 50 Crores​. ​ ​The Company will manufacture ​​Continuous Penal​​s ​that are used in areas like infrastructure, industrial & residential building​s. ​The project will be set up in​ ​Gujarat​and expected to be fully functional in the next 12 to 15 months. 

Mr. Chandrakant P. Patel, CMD, Ice Make Refrigeration Limited said “. As per the market survey, the future forecast of Continuous ​P​enal business is pegged at a CAGR of about 14% during next five years.​ We are confident the project will further strengthen the business growth of the Company. We are in the process of evaluating various sources of finance for our capex plan of Rs. 45 to 50 Crores. Additionally, the Company is also looking for opportunities to expand geographically, by setting up a stock point or a small manufacturing unit to save logistics cost.  

Our strategic prio​​rities for ​this financial year also include focus on increasing top-line margins and ensuring a consistent growth of 25- 30 percent”.  ​He said​

The Company offers a complete range of refrigeration solutions for a diverse set of clients across a wide range of industries. It has a unique product basket of over 50 products including Solar Cold Rooms that not only reduce the energy cost, but can also make a key difference in distant rural areas which are not yet electrified, or where power supply is poor.

Ice Make’s equipment product range also includes ice cream mix preparation for small and medium scale, specially designed mix plant units. Its chiller product range includes Air Cooled Chiller, Water Cooled Chiller, Liquid Chiller, Brine Chiller, and Screw Chillers.

About Us

Ice Make Refrigeration Limited, (NSE: ICEMAKE), a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipment in India, has been successfully satisfying the needs of its customers, from production to after-sales service, since 1993.

The Company is engaged in the business of providing customized cooling solutions to diverse sets of clients across a wide range of industries by manufacturing and supplying high quality refrigeration products & equipment. The Company operates under key business verticals including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration & newly added ammonia refrigeration and caters to a wide range of Industries in India and also exports its products to overseas clients in 21 countries. The Company currently has two manufacturing units which are located in Gujarat and Tamil Nadu.

The Company attracted record SME IPO subscription of over 261 times, worth over 6100 Crores. Ice Make was listed on NSE Emerge on December 8, 2017 and migrated to the main board in October 2020. The top line of the Company crossed Rs 100 and Rs 200 cr milestones in FY 2018 and FY2022, respectively.

The Company over the years have received several awards and accolades including Indian Leadership Award for Industrial Development in 2011, Best Medium Enterprise (Manufacturing) by Canara Bank Skoch Award in 2014, India SME 100 Award in 2017 and Gold Award for excellence within its core industry category &2017-18 Vision Award for Annual Report Competition” hosted by the League of American Communications Professionals LLC (LACP) where ICE Make has been ranked 27th among the top 100 annual reports globally.