Tokyo-headquartered energy and power electronics major Fuji Electric Company Ltd has chalked out India 2.0 plan to expand its operations in the country with a target turnover of Rs 1,500 crore by 2023, a top official said on Thursday.
The FE India 2.0 plan envisages revenues from India to touch Rs 1,500 crore by 2023 in view of the Fuji Electric's proposal to grow global revenues to Yen 1 trillion when the company celebrates its Centennial Anniversary, Fuji Electric Executive Vice-President Kenzo Sugai said.
The plan involves integration of FE businesses including Consul Neowatt, Fuji Electric India and Fuji Gemco to ensure the all its customers have the same pre-sales and post sales experiences, Sugai said.
The target markets in India for the company provide a market opportunity of about Rs 10,000 crore.
Under the Fuji India 2.0 plan, the company would look at expanding local manufacturing capabilities with establishment and localisation of entire process of production from product development to material procurement, manufacturing and quality assurance of AC drives, UPSs and other components.
"This will also see India becoming a hub for products that will also be sold in markets like Africa, Middle East," he said.
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Fuji Electric believes it would succeed in a highly competitive market in Indian and would require the company to tailor its solutions to provide overall value to the customer.
This move was the base for the plan which means the company would use local research and development capabilities to develop products that are priced competitively and designed to perform in demanding conditions, he said.
Fuji Electric has an installed base of over four lakh units in domestic market and supports customers through 25 sales locations.
The company offers wide range of products including three and single phase UPS,solar inverters, AC low voltage drives among others.