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Spanish switch maker Simon plans to invest about Rs 25 crore in its Global R&D Centre in Noida to design and manufacture India specific products.
The investment would be incurred in the next three years, Simon's 100% Indian subsidiary Simon Electric CEO Amit Garg told Business Standard here. Some of the investment would also go towards branding of the product in the domestic market, he added.
He said the company was aiming to be amongst the top three premium electrical switch brands in India over the next five years. "We are confident that by that timeframe, Simon would touch revenues of almost Rs 500 crore in the country."
Garg said the company saw a huge opportunity in Uttar Pradesh due to the large size of its population and the growing housing segment. Simon plans to focus on all the major cities of UP, especially Lucknow and Kanpur.
"We have drawn a roadmap of creating awareness about our brand by networking with architects, builders and select group of electricians at local level," he informed. Simon has its manufacturing unit in Haridwar, Uttarakhand.
The company, which started its India operations through a joint venture with an Indian partner, has now transformed into the wholly-owned subsidiary of the Spanish major.
"Our products are available at 200 multi-brand outlets in North India and by next year, we plan to expand our footprint pan-India and ramp it up to about 1,000 point of sales," Garg said. After China, India is the biggest market for Simon.
India's electric switch-socket market is estimated at about Rs 5,000 crore, of which the big organised players account for almost 50 percent of the pie. The dometic segment is growing by 10-12 percent annually, he claimed.
