Financial Daily from THE HINDU group of publications
Saturday, Dec 25, 2004
Financial Daily from THE HINDU group of publications Saturday, Dec 25, 2004 |
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Marketing
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Strategy Corporate - New Projects Eureka Forbes sets up unit in Singapore Neha Kaushik
New Delhi , Dec. 24 EUREKA Forbes, a leader in the domestic water purification segment, has charted out an overseas strategy. The company has set up a unit in Singapore in order to address demand for its products in the Asean countries. According to Mr Lalit Wadhwa, Associate Vice-President, production at the Singapore assembly unit will commence from January 2005 and the unit will be utilised to assemble water purifiers. "We have made substantial investments in the project. Our products can effectively compete in the Asean countries, where the quality of water is a problem." Incidentally, once exports from the Singapore unit kick off, the company may also set up a similar unit in Eastern Europe in the second phase of expansion. This unit, in turn, can be utilised as an export base for the rest of Europe. "We are already exporting in small numbers. However, we will pursue exports more aggressively now and are looking to open several overseas offices as well." Industry officials said that the company may now be in a better position to pursue an export strategy after the purchase of Electrolux's 40 per cent stake in the firm by Forbes Gokak in October this year. Overall, the Rs 500-crore company is targeting a growth of 15-20 per cent in the current fiscal. In view of the rising pollution levels in urban cities, Eureka Forbes sees the air purifying category as a very high potential segment for itself and has rolled out new products. "We are trying to educate the consumer about outdoor and indoor pollution, which can be at alarming levels. Indoor pollution could consist of pollen, dust, smoke and so on, which could especially be detrimental for asthmatic patients," Mr Wadhwa said. The company is promoting its products through its existing customer base via demos.
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