Calcutta, July 3: Gontermann-Peipers (India) Ltd will invest Rs 75 crore to scale up its operations at Joka near Calcutta.

The company, which makes equipment for steel rolling mills, hopes to complete the ongoing project in September.

GPIL is now majority owned by Pramod and Vinod Mittal, younger brothers of Lakshmi N. Mittal and promoters of Ispat Industries.

“The future of forged and cast rolls used by steel mills is good with so many companies expanding capacity or setting up new plants. The demand for rolls should double in 2-3 years,” Lalit K. Poddar, managing director of GPIL, said.

The company’s roll making capacity will reach 18,000 tonnes a year when the expansion project is completed. It is adding new products — back up rolls, high speed rolls and enhanced carbide rolls — to its portfolio.

Poddar said GPIL controls 40 per cent of the Indian market where Tata Steel’s Tayo Rolls is another major player. The sector also sees imports from China, Russia and Japan.

GPIL used to be a German company before Mittal acquired it in 1982.

Last year, the company posted a turnover of Rs 143 crore. It is expected to earn Rs 195 crore during this fiscal.