SYSKA Group Ventures into Wires and Cables Segment
The company has roped in Amitabh Bachchan as the brand ambassador for wires and cables business.
SYSKA has entered the wires and cables segment in India after successfully bringing innovations in the LED lighting, mobile accessories and personal care appliances market. The company has roped in Amitabh Bachchan as the brand ambassador for wires and cables business.
Under this segment, SYSKA will introduce Flame retardant and Flame retardant low smoke wires from size 0.75sq.mm. to 6.0 sq.mm. in 90,180 and 300 meters coil length. The company plans to use its extensive network of 600 distributors and over 1.1 lakh retailers across country to push its cable business. To begin with, SYSKA will enter the wires and cables sector in the west region and will later spread over to Pan India.
With the aim to support government’s initiative of Make in India, SYSKA has made a further investment of Rs 75 crore to set up the fourth manufacturing plant in Rewari (Haryana). This will be used for manufacturing of various types of wires and cables in terms of setting up the production facilities on 6 acres out of total 19 acres at Dharuhera-Rewari, Haryana, India. The area of plant is approximately 1.50 lakh square feet, which would employ approximate average of 300 employees in the first phase. As all the latest state-of-the-art machineries are in place, the plant at present is manufacturing approximately 6-7 lakh coils a month. At full capacity the plant would produce over 15 lakh coils a month. SYSKA Wires and Cables is targeting a revenue of 500 crore in FY18-19.
Commenting on the new business Rajesh Uttamchandani, Director, Syska Group said, “We can see exponential opportunities for Wires & Cables business in India. The household wire segment is a 12,000-crore market and the segment is expected to boom with growing demand for power and light. This is further fueled by low penetration of organised players in the Indian market. We at Syska, are committed to bring to India world-class wires and cables that can cater to the masses. We will continue to contribute towards the make in India initiative of the government and are proud to generate employment under ‘Skill India’ initiative.”