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Spanish switch maker Simon is beginning its second innings in India and this time without a local partner as it eyes a share of the premium segment.
“Our earlier partner was focussing on the mass market and low segment of electrical switches. But that’s not what we wanted to do. We believe the high-end segment will grow very fast and in the near future, it will be very important,” Luis Baselga, International Business Director, Simon Holding SL, told BusinessLine . “Already the high-end market size in India is double that of Spain.”
The company had first entered the Indian market in 2007 through a joint venture with Eon Electric Ltd. The two had set up a plant in Haridwar, which will remain with Simon.
The company will spend ₹25 crore over the next three years for research and development, marketing and branding in India.
Simon will also set up a centre of excellence in India which will research and develop products for the country.
Baselga said the company plans to invest at least 10 per cent of its revenue from India into R&Din the country.
Simon globally has revenues of around €260 million.
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