Microtek, which forayed in the electrical goods segment in 2019, is now planning to expand its product portfolio.
A release by Microtek International Pvt Ltd said that the company was planning to add switches and fans to its FMEG product portfolio.
Traditionally a maker of power conditioning equipment like UPS, inverters and voltage stabilizers, Microtek forayed in the electrical equipment sector in 2019 by launching a series of products like wires & cables, circuit protection devices, distribution boards, rewireable fuses, spike guards, multi-plug adaptors, etc. The circuit protection device range currently includes MCBs, isolators, RCCBs, etc. Microtek’s manufacturing facilities are located at Baddi and Parwanoo in Himachal Pradesh.
Immense potential
“Presently, as per industry observers, the total worth of India’s electrical equipment market stands in the range of $48-50 billion. Domestic electrical equipment market is expected to grow at an annual rate of 12 per cent to reach $72 billion by 2025. So, there is an immense potential in the market which we are keen to tap,” added Gupta.
Global market opportunity
The Microtek release observed that India has emerged as an alternative to China in supplying electric products to global markets. The value of the exports from India is expected to grow to $13 billion, from the present $8.62 billion as per industry estimates.
The local electrical equipment industry has a critical role to play in meeting India’s renewable energy targets as well as the overall carbon reduction targets under the Paris agreement. India has set an ambitious target of having 175 GW renewable energy capacity by 2022 and 450 GW by 2030. In order to attain this, India will require new age equipment and local players will play a pivotal role in achieving the target, the Microtek release added.
Featured collage (not to scale) shows some FMEG products currently produced by Microtek.
