Standard Electricals, a part of electrical products manufacturer Havells India Ltd, has said that it is expecting a revenue of Rs 100 crore from the fan business into which it has forayed now, by the end of next fiscal year.
Standard Electricals, which is into manufacturing and marketing of electrical products such as switch gears, is expecting the turnover to double its turnover from current Rs 300 crore in the next three years, which would include the contribution of the fans business, said Narendra Choudhary, senior vice president, Havells India Ltd.
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The company already has its presence in the premium fan market with its Havells brand product, which is currently manufactured in its Haridwar facility and a revenue of around Rs 750 crore. The Standard fans, which would also be in the premium segment, would be manufactured in the same facility, which has a capacity of around 7 million fans per annum.
Speaking about the rationale behind having two brands for the same product, he said that it would help to increase its market penetration, since the company could enter into deal with more than one major dealer in a city, which is currently not possible with one brand. He added that the company could increase the existing capacity in Haridwar to another 1.5 million units without major investments.
The organised fan market in the country is around Rs 5,000 crore, of which the regular and premium fan market is around Rs 3,000 crore, he said. The company also introduced a new range of modular switches named Ivy.
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