Socomec India forays into Sri Lanka and Bangladesh markets

Chennai-based Socomec India expands into Sri Lanka and Bangladesh, aiming to double export revenue in three years.

Chennai-based Socomec India is making a foray into Sri Lanka and Bangladesh as part of expansion plans and is expecting to double export revenue in three years, MD Meenu Singhal said.

“So far, these countries were serviced by our Singapore office. Now, Sri Lanka, Bangladesh and Maldives will become part of Greater India apart from Nepal and Bhutan,” Mr. Singhal said during a press meet.

“Till recently, the products were manufactured in India and shipped to Singapore to serve these markets. From now, it will be served by the India region as it is economical, serviceable and in quick time,” he said.

According to Mr. Singhal, Socomec India is likely to offer tailored made innovative power solutions such as UPS, power switching and monitoring solutions for data centres, manufacturing and process industries, healthcare, infrastructure, commercial buildings and renewable energy in these countries.

Socomec India is a global specialist in low voltage power management. Its parent reported revenue of euro 1 billion and India operations accounted for 6% of it. Exports revenue is about 20%, said CFO Devesh Singhania.

“Though the revenue from Sri Lanka and Bangladesh are less at this moment, it is bound to double in next three years,” he said.

Mr. Singhal said the Gurugram plant is functioning at 70% capacity. Anticipating good growth, the French parent is in the process of enhancing capacity either through acquisition, joint venture or building new facility.