Leading electrical goods manufacturer, Anchor Electricals revealed plans to invest Rs 400 crore over the next three years in expansion and new product launches.
While, sharing expansion plans with PTI, Dinesh Aggarwal, Anchor Electricals Joint Managing Director, said: "We plan to invest Rs 400 crore in the next three year period in our Haridwar, Bhuj and Daman units. The investment will be made in these three units for expansion plans, launching new products and strengthening our sales and marketing network."
Besides, the company has invested Rs 120 crore in FY 14, he said. Anchor Electricals is one of the largest domestic manufacturers of electrical construction materials with four manufacturing locations and boasts 55 domestic bases with a workforce of more than 10,000. In the last financial year, its net sales were Rs 1,580 crore.
It has a dominant market share in wiring devices and is constantly expanding its product range and growing market share in switchgear, lighting, fans and wires & cables. Anchor aims to double its growth in the next three years from the existing and aims to be the front-runner in the solutions business dealing with energy generation, conservation and management.
Further, Anchor Electricals announced the launch of its new professional LED lighting solutions for its consumers. The latest offerings offer reliable lighting solutions for all kinds of commercial, retail and hospitality sectors. With the launch of this range of solutions, the company is aiming at tapping lucrative opportunities present in the solutions business.
Along with an already established expanding residential LED luminaire portfolio, the company aims at growing its presence as a lighting solutions provider.
The total LED market in the country is estimated at Rs 4,500 crore and the company hopes to capture 10 per cent market share by 2018, Aggarwal said.
The LED lighting business will drive a robust synergy with Anchor's wiring devices & power business, enabling it to capture the electrical solutions space, Joint Managing Director Takaki Oguri said.