New Delhi, Oct 24 (PTI) SAR Group, promoter of Livpure brand, is re-entering into the inverter and inverter batteries segment after seven years and aims to corner around 15 per cent market share in next couple of years, said a top company official.
The group, which had sold its Luminous brand to Schneider Electric, will introduce inverters and inverter batteries and household solar segments under brands - Livguard and Livfast from tomorrow.
Besides, the company, which is currently present in the automotive battery and E-rickshaw batteries segment, is also aiming to have a net sales of Rs 2,000 crore this fiscal.
"This year, we are expecting to get Rs 2,000 crore sales and our target is to get 15 per cent of the market share in the next couple of years,” SAR Group Founder Rakesh Malhotra told PTI.
The company had clocked a net sales of Rs 950 crore last fiscal, he added.
Total market size of battery, inverter and inverter battery is expected to be around Rs 25,000 crore.
The group had sold its 74 per cent stake in Luminous in 2011 and rest 26 per cent stake in 2014.
"We will get our share of the market. There is a space in the market for a very strong player to enter into the market," Malhotra said.
It will leverage its existing distributors and dealers network for its inverter, inverter batteries as well as household solar products, and plans to double it in the next two years.
It has invested around Rs 250 crore to set up two plants in Himachal Pradesh and will invest more in the coming years to meet the demand.
"With this greenfield investment, Livguard now has an annual production capacity of 1.8 million Tubular Inverter Batteries, 1.2 million inverters, 2.8 million Automotive & E-rickshaw Batteries and 2.0 million Motorcycle Batteries," said SAR Group Chairman and Co-Founder Navneet Kapoor. PTI KRH KRH BAL BAL
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI