The Hindu Business Line : Petrochemicals lie on Germany’s Lapp

Lapp it up: Mr Siegbert Lapp, Director, Lapp Holdings, Mr Ewald Bentz, Executive Vice-President , Lapp KABEL, at a press conference in Bangalore on Friday. —

Our Bureau

Bangalore, June 27 German cables and connectors major Lapp Group is eyeing the petrochemicals industry, a growth sector in India, with large refining capacities established to increase its product profile in the market.

Though the company currently supplies cables to the sector from its German production facility, it hopes to launch the product developed specifically for the market soon. Lapp Group also announced expansion of the capacity in its manufacturing facility here with an investment of Rs 38 crore. The production is expected to start by next year.

Announcing this here at a press conference, senior officials of the Lapp Group and its wholly owned subsidiary, Lapp India Pvt Ltd, said India was a key market and the company would focus on the market with indigenisation and increasing the product supplies, both from its facility here and through imports from its parent factory.

Mr Siegbert E. Lapp, Director in Lapp Group, said the company was also aiming to produce connectors from India and supply to domestic market and to Germany. This underlines the commitment of the company to India, he said.

Stating that Asia, particularly India was a target market, Mr Lapp and Mr Ewald Bentz, Executive Vice-President, Lapp Group, said the company reached a milestone in its turnover of €1 billion last year and expects India to contribute significantly in its endeavour to achieve €3 billion in the next few years.

Lapp India expects its revenue to grow by 20-30 per cent during its fiscal (October-September) to Rs 200 crore and with the new facility adding to the sales by early next year, the company hoped to scale up its business considerably. Currently, the Indian plant would cater to only the domestic market, Mr Lapp and Mr Bentz said.

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