Hindustan Platinum is engaged in refining precious metals, refining services, electrical contacts, nitro technologies, engineered products apart from precious metals management. “We are manufacturing import substitutes”. The company bus precious metals like platinum from the Metal Exchange and is involved in producing 1,000 kgs of precious metal products and exporting to over 50 countries apart from supplying to the Indian market
Hindustan Platinum, a 60-year-old company dealing with manufacturing precious metals, is working on several new projects, all under-wraps and will be launched over the next six months, Hindustan Platinum General Manager (Sales), Engineered Products, said Pranab Baruah. He said it is currently premature to talk about the projects.
Hindustan Platinum, which participated at Techtextil 2021 at Bombay Exhibition Centre (BEC) between Nov 25-27 is also in discussions with many majors to produce platinum-based components for aircraft.
Mr Baruah told Machine Maker that the company is engaged in refining precious metals, refining services, electrical contacts, nitro technologies, engineered products apart from precious metals management. “We are manufacturing import substitutes”.
Platinum has various uses including in the manufacturing of aircraft, and aircraft components, in pharma, among other things. For aircraft components, Hindustan Platinum is working with National Aerospace Limited, Bangalore. We manufacture carbon fiber for aircraft components already.
Platinum can work at high temperatures, it is non-corrosive, it has a special application, it is a rare metal. Platinum is used for more wiring components since it prevents corrosion and hence is being used increasingly for safety.
Platinum is produced in South Africa, Belgium, and Russia. We don’t mine Platinum group metals in India, but we import them through the metal exchange. It costs 1,000 US dollars per crayon.
Every year, we sell about 1,000 kgs of precious metals in various countries. “This is just the Engineering Division of Hindustan Platinum. We have five other divisions in our company and they do additional business.”
Mr Baruah said in zion, our company’s market share is 80 percent globally. We are competing with China and Germany. In India, we have a 100 percent market share. In Asia, we are serving Indonesia and Thailand.
He said the Chinese market is always protected. They do not allow any finished goods to be exported to their country. They always prefer Chinese companies who can assemble the components so the Chinese get employment.
Mr Baruah said the Indian government has been making some policy changes now to enable Indian companies to compete globally. It is a work in progress. Finished goods are dumped by the Chinese in various markets including India and the government is also looking into the issue.
Mr Baruah said, “We also engage with glass manufacturing, electrical contact marketing. We have a plant in Navi Mumbai. We have a plant in Porto Rico, we acquired from ABB group in 2019. We manufacture switches”.
Indian clients include Grassim group of industry, analytical industry, Pharma including Dr Reddys, Ranbaxy, etc, cement industry, glass industry like SNG, Borosil, Saint Gobain, etc., even some jewelry sector companies, automobile manufacturers, television manufacturers, even to Survey of India, Indian Railways, for submarines.
Mr. Baruah declined to share details of revenue since it is not a public company.
