Syska Enters Wires And Cables Business, Eyes Rs 500 Cr Revenue

Syska Group, known mostly for its LED lighting, hass entered into wires and cables business unit. It already has other business interests including mobile accessories and personal care products.

The company has invested Rs 75 crore to start a new manufacturing plant in Rewari (Haryana). 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 Rs 500 crores in FY18-19

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.

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 organized 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.”

To kick off its new business the company has appointed Bollywood legend Amitabh Bachhan as its brand ambassador. The firm said it will make an investment of Rs 30 crores in 3 months towards aggressive marketing campaigns starting July 2018 for the launch of Wires and Cables business. For this, the company signed several strategic tie ups and will advertise through print &TV channels, theatre advertisements and mobile platforms.

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