Socomec India, providers of low voltage power switching, monitoring and power conversion products, is expanding its presence in Sri Lanka and Bangladesh - termed as ‘Greater India.’ It has already appointed two agents in Sri Lanka and three in Bangladesh - both that used to be serviced from Singapore. Socomec India is a subsidiary of the 102-year 1 billion Euro family-owned French major Socomec.
The move consolidates the three countries into a unified entity, marking a significant milestone for Socomec India and opening up new opportunities for business growth, said Meenu Singhal, Regional Managing Director of Socomec India.
The product accessible market in Bangladesh is around 55 million Euros and the market segments include data centre, infrastructure and health care. With 8 per cent CAGR, the country presents lucrative opportunities to Socomec India, he told newspersons.
On Sri Lanka, Singhal said it is emerging from the economic crisis and there would be a lot of demand for the company’s products as urbanisation and industrialisation spreads and more steps are being taken towards sustainable energy. The product accessible market in the island country is nearly 25 million Euros, and the 5 per cent CAGR presents good opportunities for the company, he said. The growth in India will be through both organic and inorganic, he added.
Singhal said with the recent 5 million Euros investment by Socomec Group in the Indian market to enhance manufacturing capacity, the goal is to meet local demand but also to Sri Lanka and Bangladesh markets through exports.
At present, 50 per cent of products are localised in India, and the plan is to increase it to 65 per cent in the next two years.
According to Devesh Singhania, CFO India Region and APAC Industry Controller, Socomec India, said revenue in India was around ₹500 crore in the calendar year 2023, and will grow at over 20 per cent in the current year. Export is nearly 20 per cent now, he added.
Socomec India started operations in 1990 in partnership with a local distributor and switched to independent operations in 2006. Headquartered in Chennai, the company has branches in 12 locations and a manufacturing facility at Gurugram, Haryana. The facility manufactures load break switches, manual transfer switches, and uninterruptible power supplies, says a release.