The Hindu Business Line : QRG arm merges with Duke Arnics

QRG Enterprises, the Rs 1,000-crore power distribution equipment major and holding company of Havell's India, has announced the merger of its group company TTL Ltd with Duke Arnics.

The merged entity would be known as TTL Ltd.

The Hyderabad-based Duke Arnics, a high-end electronic energy meters manufacturer, was acquired by QRG in 2000. TTL was acquired in 1983.

Mr Qimat Rai Gupta, Chairman and Managing Director, and Mr Anil Gupta, Director (Marketing) of Havell's, told newsmen here on Monday that the two companies were merged to synergise their strengths in the area of electronic energy meters and electro-mechanical meters.

Mr Anil Gupta said the group was looking at a turnover of Rs 1,500 crore by March 2006.

Of this, Havell's is expected to grow at 40 per cent to register Rs 1,000 crore turnover. The company that forayed into consumer electric products this year bet heavily on this segment.

"We see a tremendous potential in this segment as we have over 1,000 distributors and thousands of retailers," they said.

In the first year, this segment earned Rs 150 crore. "We have set a target of Rs 350 crore for next year," Mr Anil Gupta said.

He said exports grew significantly this year with income from this segment touching Rs 100 crore. "We expect to reach Rs 200 crore next year," he said.

The response from the international community had been tremendous. "We export to 45 countries where our products are registered," he said.

The group spent Rs 100 crore in the last two years for expansion and launching new products.

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