Fusegear Ltd to market Lovato's electrical goods

Indo-Asian Fusegear Ltd, a Delhi-based mid-sized manufacturer of electrical equipment, will market Italian firm Lovato Electric's industrial electrical products in India. The two companies have entered into a strategic tie-up.

As per the deal, Indo-Asian Fusegear would market Lovoto's electrical circuit protection products, including motor protection circuit breakers(MPCBs), said a company release.

"Industrial electrical products (IEPs) are a high-growth segment today. The market is expected to double in the next two years," according to V P Mahendru, chairman and managing director, Indo Asian Fusegear Ltd.

As per estimates, the current market for IEPs is about Rs 30 crore. It is expected to touch Rs 60-65 crore in the next two years.

Lovoto Electric is a Rs 400 crore market leader in special industrial electrical products with a presence in over 80 countries.

Mahendru said besides tapping in the high-growth industrial electrical product segment, the partnership would also be extended to industrial range of MPCBs.

Indo-Asian had recently announced a Rs 15 crore plant in Noida for enhancing its compact fluorescent lamp (CFL) manufacturing capacity to 40 million CFLs a year from 15 million at present. The company markets its CFLs under the brand of Ecolite and Indo Asian.

It also exports CFLs to Europe, West Asia, and Africa. Indo-Asian recently merged its group company Indo Kopp Ltd. The merger was recently approved by the High Court of Punjab and Haryana.

The company has submitted application to the Bombay Stock Exchange for listing of shares of the merged entity so that the trading of the shares can commence soon.

According to executives, the company has completed all the required formalities as desired by the BSE. It expects to receive the listing permission shortly.