BEST SME- INNOVATION
Forace Polymers, which started off as an ancillary of BHEL's foundry plant in 1980, moved to producing resins for the refractory industry much later. Today, the Haridwar-based company makes a wide range of products, including resins, catalysts, and hardeners for foundry, refractory, abrasives and rubber industries. Its turnover has skyrocketed from Rs 0.8 crore in 2002/03 to Rs 224 crore in 2013/14.
- A fourth of Forace's revenues come from innovations by its in-house R&D team
- It has developed a solid resin technology for use in shell process in foundries, which is more efficient than traditional liquid resin
A fourth of Forace's revenues come from its innovations, which are propelled by a specialised R&D team. It has developed a solid resin technology for use in the shell process in foundries, which is more efficient than the traditional liquid resin technology used in India. "The cost of solid resin technology is almost 15 per cent less, the productivity is almost four times higher than the traditional liquid resin technology, and even the performance of the end product is better," says Vikas Garg, 40, a second generation entrepreneur who took charge of the company in 2001.
Garg is quite hopeful about growth opportunities: "The company's future strategy is to expand business through diversifying, while utilising and leveraging core competencies, focusing on innovation, developing new products and keeping abreast with latest technologies."