Syska to Invest ₹ 150 cr in its 2nd Plant in State
Co to make new line of products such as electric razors and trimmers
MAKE IN INDIA Right now 30% of our manufacturing is in India but we want to increase it to 70% RAJESHUTTAMCHANDANI Director, Syska
Mumbai: LED lights maker Syska will invest about ₹ 150 crore to build its second plant in Maharahstra to make its new line of electric personalcare products such as electric razors and trimmers.
Syska, which sells LED lights and lighting solutions and mobile phone accessories, aims to leverage its existing network of dealers to sell more than 30 beauty and grooming products.
“The electric personal care category is worth ₹ 2,000 crore and has a huge scope as it is growing at a healthy pace of 25- 30% annually. We see a market as there are not many brands providing end solutions,” Rajesh Uttamchandani, director at Syska, told ET.
The company is confident of expanding the competitive market that is made up by global market leaders such as Phillips on one end of the spectrum, and cheaper Chinese brands on the other. The company’s new product line would first be sold on Amazon exclusively for three months and then shops would begin to stock these products. Celebrity endorsements will be used to establish the personal care brand. “Right now 30% of our manufacturing is in India but we want to increase it to 70%. Our personal care product is a mega project and we will invest over ₹ 150 crore,” he said.
He said Syska’s products would be 20-30% cheaper than those sold by market leaders, and would target young consumers. “To begin with, we are getting products designed in Korea and manufactured it in China and Korea and importing to India,” Uttamchandani said.