New Delhi: Home grown Syska group, which has diversified itself into segments ranging from LED-based lighting solutions to personal care products, is aiming to become a Rs 4,000 crore-Rs 5,000 crore company in the next 4 to 5 years, said a top company official. Besides, the company has also plans to go for listing on stock exchanges in next 2-3 years, said Syska Group Director Rajesh Uttamchandani.
“We are now coming in segments like house wire, cables, MCB switches and very soon introduce small appliances,” Uttamchandani told PTI. For FY 2017-18, Syska is expected to have a turnover of Rs 900 crore. Last fiscal it was Rs 635 crore, he added. On being asked the turnover target of the group over next 4-5 years, Uttamchandani said ” between Rs 4,000 crore and Rs 5,000 crore.”
He further added that this would be primarily led by “cable and wire business, which is high value business, where we are expecting a good growth. In the LED light segment we are growing double every year” The company expects a business of Rs 1,500 crore to Rs 2,000 crore next fiscal and would then add cable and wire business.
As part of its expansion, the company is investing Rs 150 crore to set up a manufacturing units at Shirwal, near Pune in Maharashtra, which would be operational by around December 2018. The production capacity of the plant would be 30 lakh units per month and it will employ around 1,000 people.
It would manufacture LED bulbs, tube lights, downlights, panel lights and outdoor lightings. “As our business is going to double by next year, we need in-house production capacity, which would in turn help us to have control over the quality of the products,” he said. This would also help the company the company to reduce its reliance of imports and dependency on contract manufacturers, he added.