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The Indian market for industrial pump is estimated at Rs 7,000 crore, with a compounded annual growth rate seen of around 18-20 per cent over next five years.
The market for pumps for a variety of Industrial applications is estimated at Rs 4000 crore. CRI had acquired the pumps business of UK based Pumps & Process Systems Ltd in October 2012 and these pumps are based on the technology from the newly acquired business.
These pumps are the first among the several new pumps planned by the company in the near term.
Speaking on this development, Chaitanya Koranne, CEO, industrial solutions division of CRI said, “We will be providing a better value for money alternative to the existing products in this segment, mostly supplied by multinational companies, with better after sales spares and service support. CRI has over 3500 channel partners and 500 authorised service centres across the country for its existing product range. We aim to garner 10 per cent in the next few years with a slew of new products in the newly forayed industrial segment. We will aim to leverage our extensive channel partner and service centre network for better pre and post sales support to create a unique proposition for our range of industrial pumps”
The new ECP & ECH range of pumps, each in 12 different series cater to the requirements of the industrial segment which includes paper, pulp, chemical, mining and mineral processing.
It holds market share of 15 per cent in the pumps market with annual turnover of Rs 1000 crore and its export is worth Rs 150 crore.
“With the newly launched products, along with a complete range of butterfly, gate, globe and check valves, CRI Industrial Solutions division is now in a position to offer comprehensive fluid handling solutions to a diverse range of applications across different industries. We have recently also launched our global research centre, Fludyne Advanced Technology Centre, which has more than 100 engineers working with the latest design tools and a prototyping and testing facilities,” Koranne added.