HPL Electric & Power Ltd has won two orders for electrical accessories for housing projects in Andhra Pradesh.
The Noida-headquartered company said that it has won two orders worth Rs.372 crore for supplying switchgear, wires and other related accessories for housing projects in Andhra Pradesh.
These orders have taken the HPL Electric’s outstanding order book to over Rs.700 crore, the company said.
The release noted that these orders were bagged amidst stiff competition from various players, and that this win represented a big step by the company to further its presence in the low-cost affordable housing segment.
Commenting on winning the orders, Gautam Seth, Joint Managing Director, HPL Electric & Power, said, “This is a big win for us and enhances our position as one of the leading electrical equipment manufacturer in the country. There is an immense housing opportunity and HPL’s product range is well suited to reach the end consumer’s home. We are confident that we would further improve our business growth in the coming months and are pleased to have bagged this order especially during these covid-19 times.”
“Since the last few quarters, post the first lockdown, there has been a pickup on the consumer and trade business,” Seth added.
Demand from housing sector
The Government of India and the various State governments are working towards creating low cost housing solutions to enhance the various standards of living for the citizens especially the economically weaker segment. This push towards creation of housing infrastructure will give a big boost to all sectors including electrical equipment industry in long term. With the rise in demand for electrical equipment to be made available to the housing sector, there is a huge market in the country to be tapped. HPL has been a major supplier of electrical equipments to the government infrastructure and private housing sector, the release added.
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