Sweden-based manufacturer of stainless steel and special alloys, Alleima anticipates doubling of revenues from its India operations doubling in less than five years. This will make India among the top five destinations for the company. The company recently deployed a Rs 200-crore capital expenditure at its manufacturing facility at Mehsana in Gujarat, where it will manufacture products widely used in the chemicals and petrochemicals space.

With this investment, the company moved from China to India. The growth expected from the current levels is driven by the fact that firms in the petrochemicals and renewable energy space are increasingly investing in their manufacturing capacities.

The company is also eyeing opportunities in the usage of hydrogen as renewable energy, and is already working on a few pilot projects, which includes supply to a large oil and gas company, which is setting up a crude-to-chemicals plant in Jamnagar, Gujarat. Alleima  expects the demand in the hydrogen infrastructure space to pick up in the next three to five years. Besides, refineries investing in downstream capacities and electrification are also likely to push demand.

The company's expansion at its India operations going ahead would be at its current location.

Further, the company will decide its capital allocation based on market attractiveness, capital efficiency, profitability and related factors.