Financial Daily from THE HINDU group of publications
Thursday, Nov 06, 2003
Financial Daily from THE HINDU group of publications Thursday, Nov 06, 2003 |
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Corporate
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New Projects Anchor plans to float subsidiary in Europe Purvita Chatterjee
Mumbai , Nov. 5 ANCHOR Electricals & Electronics Ltd plans to float a subsidiary company in Europe, which can help in designing its switches and cater to the needs of the international market. It is in the process of tying-up with an European company to manufacture home automation products.Mr Sashi Nair, President, told Business Line, "Although our plans are still at the drawing board stage, as a switch-making company, we feel this is where the future lies.'' Adds Mr Nair, "We intend setting up an independent company in Europe which will get treated as a SBU (strategic business unit).'' By manufacturing and marketing switches and home automation systems under the Anchor brand, the company hopes to give a boost to its export turnover. Anchor has set up companies in Sri Lanka and West Asia to distribute its switches but continues with its manufacturing in Daman, Valsad, Hyderabad, Mumbai and Chennai, from where its products are supplied to countries across the world. "Today we are able to source software technology across the world and what we lack is in developing hardware'', says Mr Nair. Anchor has already incorporated microprocessor-based technologies in products such as anti intrusion systems, technical alarms and fire alarm systems.In 2000, the company forged a joint venture with the Italian switch maker Ave to make premium brand of switches under the Anchor Ave brand. With a 70 per cent share in switches in the domestic market, Anchor is today willing to make rapid forays into the international market. Adds Mr Nair, "Today we want to make a presence in the European market and this could involve buying out a existing company with the purpose of marketing our brand in these countries.''
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