Syska Group in expansion mode invests Rs 170 crore in manufacturing plants under 'Make In India' plan
Home Grown Syska group, which has diversified itself into segments ranging from LED-based lighting solutions to personal care products has invested Rs 170 crore in three manufacturing plants for LED lighting facilities and plans to invest in few more plants in coming years under the Make In India plan.
The manufacturing plants will have a big production of lightings varying from bulbs, tube lights, panel lights, industrial lights etc. This investment by the SYSKA Group will also facilitate huge employment opportunities in the country.
The company has invested around Rs 150 crore in the Shirwal plant in Maharashtra, which is mega project under the ‘Make in India’ initiative of Government of India in Shirwal Maharashtra Industrial Development Corporation (MIDC). The production capacity of the plant would be 30 lakh units per month and it will employ around 1000 employees. Read more
Rajesh Uttamchandani, Director, Syska Group said, the company has invested around Rs 10 crore on a plant size of 40,000 sq ft at Chakan near Pune. The plant is currently running and producing around 700-1000 units of industrial lights per day in a 12 hour shift, which we are planning to increase to 3,000 units per day. SYSKA has also invested around Rs 10 crores on a plant size of 20,000 sq. ft. at Thane MIDC, Rabale. The plant is currently running and producing around 7 lakhs bulbs and 20,000 panel lights a month.”
Since its launch in 2012, Syska group has grown and diversified into various categories like Syska LED, Syska Personal Care, Syska Irons. “The manufacturing plants will have a humongous production of lightings varying from bulbs, tube lights, panel lights, industrial lights etc. This investment by the Syska group will also facilitate huge employment opportunities in the country,”Uttamchandani said.
The company has expects a turnover of Rs 900 crore in FY18 and aims to become a Rs 4,000 crore-Rs 5,000 crore company in the next 4 to 5 years. Besides, the company also plans to go for listing on the stock exchanges in next 2-3 years. In previous fiscal Syska's turnover was Rs 635 crore.
“We are now coming in segments like house wire, cables, MCB switches and very soon introduce small appliances. We also plan to set up manufacturing for personal care products, which we are assembling at present," Uttamchandani said.
"As our business is going to double by next year, we need in-house production capacity, which would in turn help us to have control over the quality of the products. This would also help the company to reduce its reliance of imports and dependency on contract manufacturers, he said.
The company expects a business of Rs 1,500 crore to Rs 2,000 crore next fiscal and would then add cable and wire business, where they see good growth. In the LED light segment “we are growing double every year," he said.
Syska LED lights promote the creation of sustainable environment and also adoption of energy efficient lights. SYSKA is in line with government’s mission of Make in India for providing efficient lighting solutions.
Starting with Guru Nanak Marketing, a company that was involved in the distribution of T-series Audio cassettes, CDs and audio video systems for Maharashtra, the SYSKA Group is looking to expand in countries outside India as well.
- TradeBriefs Bureau -