New Delhi, Sep 12 (UNI) Emmvee Solar Systems Pvt Ltd, a leading renewable energy products manufacturer, has said it expects to clock a turnover of Rs 100 crore by the end of this fiscal, by entering the north Indian market.
''Our foray in the north Indian market will give a boost to our sales. During the last fiscal, we recorded a turnover of Rs 44 crore and expect it to go up to Rs 100 crore by the end of this fiscal,'' company's General Manager (Marketing and sales) Sidharrth Samantaray said.
We expect more than 20 to 30 per cent of the sales to come from the north Indian market, he added.
The Bangalore-based company has launched their product 'Solarizer' for the first time in the north Indian market and will simultaneously go ahead for a pan-India presence.
''Considering the power cuts in the region, we felt the need to introduce this product, which will cater to the growing demand of solar power by way of water heating systems and lighting systems to individual residences,'' Emmvee Solar System Pvt Ltd Regional Manager (North India) Krishan Kumar said.
Emmvee Solar will sell its product Solarizer through dealers and service centres. Currently, it has six dealers in Delhi, while the number is more than 50 dealers in the South Indian market.
It also announced the operational start of its joint venture for technical know-how with Denmark-based SolarCap.
Both the companies had entered into a joint venture agreement in April this year. As per the JV, SolarCap is acquiring a stake in the Indian company for an undisclosed amount.
SolarCap markets its products under the brand name Sonnenkraft.
The technical know-how transfer agreement with SolarCap provide Emmvee Solar get a clear technical edge in the Indian markets.
The company has its manufacturing plant in Bangaluru, with an annual production capacity of one crore LPD, which it expects to upgrade to 2.5 crore LPD in this fiscal.
Besides, it will also come up with its second manufacturing facility in Bangaluru by January next year.
The solar products manufactured by Emmvee Solar are marketed under the brand name Solarizer, which includes various solar photovoltaic systems such as solar lantern, solar home lighting systems, solar street lights, solar power pack and solar garden lights.
The Solarizer brand will continue to be used in the domestic market but the product portfolio will be expanded to include pumps for domestic, commercial and industrial uses and equipment for both cooling and drying applications.