August 11, 2015: With the target to raise its sales to $1 billion by 2020, Indian company Shilpi Cable Technologies, a manufacturer of cables for telecom, auto and consumer durable segments, is foraying into the LED lighting market the next quarter under the brand ‘Safe’.
Currently, the company is building up its sales network in business-to-consumer segment.
“We are promoting Safe as a retail brand. Under this brand we have already introduced wires, switches and MCB and now we are entering LED light segment,” said Ajay Mahajan, Chief Financial Office, Shilpi Cable.
“We endeavour to be a billion dollar company (around Rs 6,3700 million) by 2020. For this along with B2B business in which we are present, we have also started servicing B2C segment by manufacturing wires and cables which can be used in local household business, thereby expanding our customer base,” said SCTL Managing Director Manish Goel said.
The company is entering the LED segment with a full range of products. The company would initially outsource the LED lights.
“However, once we are established in this segment, we would look for inorganic growth also apart from organic growth,” said Goel. Apart from expansion in domestic market, the company is also exploring other geographies.
“We have already started operations in Singapore and Hong Kong and now we are starting at South Africa. We have also going to UK market,” Goel said.