R ARIVANANTHAM
CHENNAI, FEB 8
Chennai-headquartered Socomec India, a global leader in Low Voltage (LV) power management on Wednesday announced expanding its wings to Sri Lanka, said Regional Managing Director Meenu Singhal.
Addressing at a media conference in Chennai, Singhal said the French powerhouse is set to venture into the markets of Sri Lanka and Bangladesh and expected to double its exports in three years.
“Hitherto operations of these countries were managed by our Singapore Office. From now on Sri Lanka, Bangladesh and Maldives will be brought under the ‘Greater India’. This strategic move has been taken to consolidate these three countries into a unified business entity, marking a significant milestone for Socomec India and expected it would open up new opportunities for business growth,” Singhal added.
- This strategic move will make the products manufactured in Indian factories would be directly shipped to Sri Lanka, Bangladesh and Maldives instead of routed through Singapore: Regional Managing Director Meenu Singhal.
- Suhar Amit appointed as General Manager for Sri Lanka and Bangladesh
- Though the revenue from Sri Lanka and Bangladesh are less at this moment, it is bound to double in next three years: Devesh Singhania, CFO, Socomec India
This strategic move will make the products manufactured in Indian factories would be directly shipped to these three countries instead of routed through Singapore, he said
Replying to a query, Singhal said that Socomec will initiate opening new production facilities in Southern India to serve these three countries and global needs, as this part of the nation is well connected by sea, air routes.
As part of its expansion plan, Socomec is in talks with few companies for acquisition too. The company has identified few channel/service partners in Sri Lanka, he added.
“Our commitment to meeting the evolving energy needs with innovative power solutions in the Asian market remains unwavering. Engineered in Europe and proudly manufactured in India, our products are poised to make a substantial impact in the markets of Sri Lanka and Bangladesh. This reaffirms our commitment to support the Atmanirbhar Bharat initiative and energize the country, while also solidifying our dedication to the ‘Make in India’ initiative with India serving as a pivotal hub for Socomec’s strategic growth in the Asia Pacific region. Our adherence to global quality standards positions us to navigate this journey with ease. We look forward to building lasting partnerships and empowering businesses with sustainable and efficient power solutions, further strengthening Socomec’s position as a trusted leader in the industry.”
With a recent €5 million investment by Socomec Group in the Indian market to enhance manufacturing capacity, the goal is not only to meet local demands but also to Sri Lanka and Bangladesh markets through exports. Socomec India is energizing the country through its innovative power solutions, including Uninterrupted Power Supply, Power switching, and monitoring solutions. Leveraging cutting-edge Technology, these products are tailored for Data Centers, Manufacturing and Process Industries, Healthcare, Infrastructure, Commercial Buildings, and Renewable Energy. With a focus on local presence, these product categories will now be available in the Sri Lanka and Bangladesh markets. With this expansion, Socomec India aims to double its revenue in these regions within the next 3 years.
Suhard Amit appointed as General Manager for Sri Lanka and Bangladesh
Singhal also announced the appointment of Suhard Amit as General Manager, tasked with steering the company’s initiatives in the emerging markets of Sri Lanka and Bangladesh.
Devesh Singhania, CFO, Socomec India said that its parent company reported revenue of euro 1 billion and India operations accounted for 6% of it. Exports revenue is about 20%.
Though the revenue from Sri Lanka and Bangladesh are less at this moment, it is bound to double in next three years, he added.
