Ahmedabad: HPL India Ltd, a major player in India's electrical industry, on Monday said it has achieved a turnover of Rs 1,200 crore last year and expects to touch Rs 1,500 crore in the next three years, a company official said.
"Last year, our turnover was Rs 1,200 crore and we expect the turnover to touch Rs 1,500 crore in the next three years," HPL India Branch (Gujarat) head B N Bhatt told reporters here.
The top officials of the company, including Joint Managing Director (JMD) Gautam Sheth, were in the city to launch modular switches and specialised accessories.
The company is launching its new range of products for the first time in western region in Gujarat.
On Gujarat being preferred over financial capital Mumbai, Sheth said: "Gujarat has a strong, robust market. We have over 200-250 retailers from the state itself. Its business environment is comparatively more friendlier than other states. Even CFL, another product, was launched first in Gujarat in the western region."
With the launch of modular switches, the company expects to garner 10 percent market share in its first three years, Bhatt said.
On the steps being taken by the company to connect to electricians at ground level, HPL group vice-president C Easwardas said, "we are organising weekly meetings with electricians (10 in a group) in our company to educate them about the changing dynamics of the electrical industry."
The present launch of modular switches and specialised accessories are priced keeping in mind the middle-class and upper middle-class consumers, Sheth said, adding that they are coming out with a product next month for lower middle-class consumers, without divulging its details.
On being asked about plans for setting up a manufacturing facility in Gujarat, he said, "As of now, there are no plans to set up any facility in the western region. But, whenever we set up a manufacturing facility in western region, it will be in Gujarat."