Financial Daily from THE HINDU group of publications
Tuesday, Jul 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 20, 2004 |
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Corporate
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Alliances & Joint Ventures Underwriters Labs plans tie-ups to expand reach Our Bureau
Bangalore , July 19 UNDERWRITERS Laboratories (UL), an independent product safety testing and certification organisation, plans to network its services with leading Indian laboratories such as the National Chemical Laboratories and Indian Power Research Institute to reach to the regional nodal points. Currently, it provides its service to its customers from its laboratory in Bangalore. The move comes in the wake of the company seeing a huge potential for its services triggered by the revival in the manufacturing sector, which recorded a seven per cent growth. Also, with India increasingly becoming a major outsourcing centre in manufacturing and services, particularly in design and research and development areas, the company will be signing an MoU with eight to ten research and testing labs in the next 12 months. The Indian laboratories will be given the sub-contract of the UL India. The company had witnessed a 60 per cent growth in its revenue this year at $4 million from last year. It plans to double its business categories to 500, by expand its service to new area like ITES and increase its headcount by twice to 200 in the next two years. It currently covers power, IT, electronics, consumer industries. Addressing newspersons here on Monday, Mr Sajeev Jesudas, President and Managing Director, Asia Pacific, and Mr R.V. Venkitachalam, Managing Director of UL India Pvt Ltd, said that networking with the Indian laboratories would help the customers in reducing the time and cost for such tests and certification. This would particularly help those in export business as they could reduce the time to market. Mr Jesudas said the company's revenues in Asia Pacific was set to grow to $500 million in the next three years and it was uniquely poised to test and certify products as per international standards in order to propel companies into the global marketplace. He said the increase in the range and in volume of exports from India was another captive growth segment for the company.
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