California-based Energetic Lighting is targetting Rs 500 crore revenue from its Indian venture by the next financial year.
Energetic Lighting India is a Joint Venture between the parent American firm and China's Yankon Group.
"We closed last fiscal year at Rs 140 crore and in the next financial year we are targetting to reach close to Rs 500 crore. We are expanding our distribution network so we expect more turnover from this channel. We have a tie-up with C-Quest Capital for distribution of CFLs under the government's Bachat Lamp Yojna [BLY]," Energetic Lighting India Managing Director Krishan Mehta told PTI, adding that the company was aiming to achieve a turnover of Rs 200 crore in the current fiscal.
The firm recently entered into an agreement with US-based firm C-Quest Capital for carbon credit finance.
The company claims to be the largest manufacturer of CFLs in India with an installed capacity of 7 crore lamps a year at its two facilities in Manesar and Bawal, Haryana, and has no plans to ramp up the capacity in the next two years.
The company has earmarked a budget of Rs 50 crore for the next three years for its marketing activities and plans to increase its market share to 12% in this period. The CFL market is estimated at Rs 2,500 crore in India.
The consumer segment of the firm contributes about 70% of its revenue and it wants to reverse this trend. "The B2B segment will be our focus area this year," Mehta said.
