Leading quartz and stainless steel kitchen sink maker Acrysil is targeting over seven-fold increase in total turnover at Rs 1,000 crore in 7 years as it enters new product categories.
"We are known for our kitchen products, but after testing the market for over a year, we will launch bathroom solutions across the country in January. This will help us achieve Rs 1,000 crore sales in 7 years," Acrysil Chairman and MD Chirag Parekh told PTI.
"We expect the bathroom segment to contribute 45 per cent of the total revenue by then."
The company had reported a turnover of Rs 130 crore in the previous fiscal.
After acquiring a company in the UK last year, Acrysil is scouting for more acquisitions overseas to enter new markets.
"We are looking at global acquisitions to enter new markets. In India, we may look at acquisitions in ceramics," he said.
In December 2014, it had acquired 74 per cent in the UK-based Homestyle Products to enter UK's kitchen sinks and accessories market.
Parekh said the company will also get into the commercial kitchen equipment category next year.
"Commercial kitchen equipment business used by restaurants is an untapped category dominated mostly by unorganised players with Chinese imports. We see a massive opportunity in this category," he added.
Acrysil has also earmarked Rs 150 crore for product development and capacity expansion at its Gujarat plants, where it plans to begin production of kitchen appliances next month.
It exports its products to more than 35 countries worldwide, including the US, France, Germany, Russia, the Far East and the Middle East. Exports account for about 70 per cent of Acrysil's turnover.
Acrysil sells its kitchen products under 'Carysil' brand while bathroom products will be sold in India under its premium German brand Sternhagen.
