Financial Daily from THE HINDU group of publications
Thursday, Nov 21, 2002
Financial Daily from THE HINDU group of publications Thursday, Nov 21, 2002 |
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Corporate
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New Projects Sigma in Indian foray with McIntosh Timber Our Bureau
NEW DELHI, Nov. 20 THE $8-million Dubai-based office and interior fit-out company, Sigma Enterprises, has announced its entry into the Indian market by representing McIntosh Timber Laminates, which is a New Zealand-based company that deals with design, fabrication and installation of structural glue laminated timber (glulam) solutions. Apart from this, the company will also represent a Swedish office furniture company, European Furniture Company (EFG). Talking to mediapersons in the Capital on Wednesday, Mr Satwinder Singh, Managing Director of Sigma Enterprises, said the company is entering the Indian market with an initial investment of close to $2,50,000. Mr Singh said while the awareness and demand for branded office furniture is on the rise, their actual challenge would be to create awareness on structural glulam timber solutions. "The market for structural glulam timber solutions in India is at a nascent stage. Our challenge is to convince the Indian market that laminated timber has an edge over steel." According to Mr Singh, laminated timber is lighter and better fire-resistant than steel. "In terms of pricing, we are just marginally higher than steel," he said. He also mentioned that the company is planning to set up a working Sigma showroom in Bangalore and Delhi next year, which will have on display EFG and McIntosh products. The company will be setting up offices in Mumbai, Pune and Bangalore, which will have a dedicated sales and technical team to cater to the needs of the consumers. "We may also put up a glulam factory depending on the demand for the product," he said. Mr Singh said India has tremendous potential for the growth of the branded office furniture market, which, according to him, is in the range of Rs 50 crore. "We are quite confident of breaking even within the next three years," he said.
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