Syska to In­vest ₹ 150 cr in its 2nd Plant in State

Co to make new line of prod­ucts such as elec­tric ra­zors and trim­mers

The Economic Times - - Companies: Pursuit Of Profit - Ra­chita.Prasad @times­group.com

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.

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