China-based lighting solution providing firm Opple has forayed into the Indian market and is aiming to have a cumulative business of Rs 450 crore in the next three years.
The company plans to invest around Rs 60 crore in the next three years to set up operations and distribution network in India, including exclusive brand stores in top 30 cities.
"We are looking somewhere around Rs 450 crore sale in three years horizon. We are starting with South and by the end of 2015, we would have a distribution network in all the four regions," Opple Lighting India Chairman S Venkataramani told PTI.
The company is looking to start from developed metro markets and gradually shift to tier-2 and -3 cities and aiming to make its products available at up to 1.5 lakh outlets in the next three years, he added.
The company would focus on light-emitting diode (LED) based solution for the Indian markets.
"India is having power shortage and anything which save energy is most welcome here. Our main thrust would be on LED based solutions in India which are most energy efficient. We see India as a very attractive market," said Venkataramani.
Commenting on opportunities in India in the segment, he said: "We believe India will be potentially an USD 500 million LED market by 2017 and we are poised to harness this opportunity."
He further added: "The company would target the replacement market from CFL and bulbs as well as new installations and we would focus on both residential and commercial establishment."
Demand of LED is growing between 40 to 50 per cent year on year basis, he added.
Commenting on India foray, Opple Chief Executive Officer Xiuhui Ma said: "We are really excited to step into the Indian market and our mission is to enhance the lighting standards of the country... We are bullish about the opportunity India presents for Opple."
The company would import its entire line-up from China but if the volumes pick up, then it would start local assembly.
Established in 1996, Opple Lighting has operations in over 50 countries around the globe.
