Finland-based Mirka today announced setting up of a wholly-owned subsidiary in India to expand its services in the country.
The company, which mainly deals in dry sanding (a method used for polishing surfaces by hand or machine without the use of any lubricant or water) is aiming to capture 10 per cent of the Indian market, estimated to be about euro 15 million, in the next three years.
"We see India as a very important market in Asia and that is why we have set up the subsidiary here. It will help us in doubling our revenue from India," KWH Mirka Executive Vice President (Marketing and Sales) Tom Nordstrom told reporters here.
The current revenue contribution from India stands at euro 1 million and the company is expecting it to double within next three years, he added.
Nordstrom said the company is expecting its global revenue of euro 130 million to grow by an annual rate of 10 per cent a year.
"The Indian dry sanding market is estimated at euro 15 million and we are targeting to have 10 per cent share of this by 2012," Mirka Asia Pacific Managing Director Vinay Mathur said.
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The company will import its products from the three facilities in Finland and will sell it to both vehicle manufacturers and aftermarkets, besides wooden and wind power industries.
It will also offer its other products such as polishing compounds, power tools and various accessories in India.
Some of the important clients of Mirka India include Toyota, Tata Motors, Ford, Hyundai, Fiat, Bajaj and Mahindra & Mahindra.