Irish telecom solutions provider Magnet Networks is bullish on the growth of smart buildings and housing projects in India and plans to expand its team to meet increasing demand.
Smart buildings have multiple sensors installed to manage power, water, security and other requirements efficiently. Magnet Networks is engaged in designing and laying out the network inside such buildings and projects.
"We are working on 44 smart buildings and housing projects. Of these, we are working in detail on 5 projects. These projects are north of USD 200-250 million. If we are successful across some of the projects, at the end of 2 or 3 years we will have north of 100 staff," Magnet Networks Group Chief Executive Officer Mark Kellett told PTI.
He said smart buildings will require telecom networks that can meet the various requirements for the next 15-20 years at least.
"Smart technology will be required to manage air quality, water pressure, measure footfalls and all of these require solid IT connected infrastructure," Kellett said.
He added that the growth of young population in India is leading to a rise in demand for smart housing.
More From This Section
"People are not looking for a house but they are looking at a service apartment type of model. There is tremendous demand across India...buildings and property owners need to make those buildings smarter to avail energy savings. That is something which can't be avoided whether it it is India or Sao Paulo... we see this issue globally which can be addressed by smart networks," Kellett said.
Magnet Networks is working on various projects that are in the design phase and when completed, their value will run in multiple of billions, for which the company will expand its team, he said.
"We have grown our team in Pune. We are hiring more staff in Dubai and India. There will be significant growth in headcount this year and next year.
"These projects that we are looking at will have 10-15 years age. It is not about building business for six months, it is about building partnerships, relationships and team in India who will be here in India till the next 15-20 years," Kellett said.
Overall, the company has seen year-on-year growth of 90 per cent in the last three years and it is currently in the investment phase in India, he said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
