Pidilite Industries Ltd — the company which owns the adhesive brand Fevicol — plans to set up a manufacturing facility in Saudi Arabia to shore up the contribution of its sales from overseas market to ten per cent.
Overseas operations now account for about six-to-seven per cent of its total turnover, said Mr Manab Ghosh, President - Business Development, Fevicol Division, Pidilite Industries. The company has manufacturing facilities in Bangladesh, Dubai and Egypt at present.
“We want to set up a plant in Saudi Arabia as a part of our overseas expansion plans. However, it is difficult to mention a timeline as it depends on the economic conditions and demand in that country,” he said.
Pidilite has a presence in 55 countries through subsidiaries like Pidilite International, Pidilite Middle East, Pidilite USA and Pidilite Do Brazil Desenvolvimento De Negocios.
The company would also look at inorganic growth for its overseas business, he said refusing to divulge further details. Pidilite, Mr Ghosh said, would also look at foraying into newer geographies and might enter markets like Pakistan.
Turnover
Pidilite's turnover grew by about 24 per cent to Rs 2,500 crore last year. “This year the growth does not look so good as inflation and high interest rates have affected the construction business. We hope to have a flat growth this year,” he pointed out.