Opportunity Sri Lanka | » French LV power giant Socomec enters Sri Lanka via Indian subsidiary
French LV power giant Socomec enters Sri Lanka via Indian subsidiary

French LV power giant Socomec enters Sri Lanka via Indian subsidiary

Daily FT: Socomec India, part of France based leading global specialist in Low Voltage (LV) power management, yesterday unveiled its ambitious expansion plan.
The Chennai headquartered French powerhouse is set to venture into the markets of Sri Lanka, effective immediately. Termed as ‘Greater India,’ this strategic move consolidates into a unified business entity, marking a significant milestone for Socomec India and opening up new opportunities for business growth.
Socomec India Regional Managing Director Meenu Singhal said: “Our commitment to meeting the evolving energy needs with innovative power solutions in the Asian market remains unwavering. Engineered in Europe and proudly manufactured in India, our products are poised to make a substantial impact in the markets of Sri Lanka and Bangladesh. This expansion solidifies our dedication to the ‘Make in India’ initiative, with India serving as a pivotal hub for Socomec’s strategic growth in the Asia Pacific region. Our adherence to global quality standards positions us to navigate this journey with ease. We look forward to building lasting partnerships and empowering businesses with sustainable and efficient power solutions, further strengthening Socomec’s position as a trusted leader in the industry.”
With a recent Euro 5 million investment by Socomec Group in the Indian market to enhance manufacturing capacity, the goal is not only to meet local demands but also to cater to exports to Sri Lanka and Bangladesh. Socomec India is energising the country through its innovative power solutions, including uninterrupted power supply, power switching, and monitoring solutions. Leveraging cutting-edge technology, these products are tailored for data centres, manufacturing and process industries, healthcare, infrastructure, commercial buildings, and renewable energy. With a focus on local presence, these product categories will now be available in the Sri Lanka and Bangladesh markets. With this expansion, Socomec India aims to double its revenue in these regions within the next three years.
To fortify this ambitious growth plan, Socomec announced the appointment of Suhard Amit as the General Manager, tasked with steering the company’s initiatives in the emerging markets of Sri Lanka and Bangladesh.
Amit, with a distinguished career spanning over 25 years in diversified market segments, brings a wealth of expertise to the role, positioning him as a key driver of Socomec’s strategic endeavours in these dynamic markets.
As Socomec India embarks on this exciting journey of expansion, the company remains dedicated to delivering excellence and innovation in power management. The commitment to sustainable solutions and superior quality will not only benefit businesses in Sri Lanka and Bangladesh, but also contribute to the overall development of these regions. This move contributes to the broader South Asian Association for Regional Cooperation (SAARC) initiative, promoting economic cooperation and regional integration. The ‘Greater India’ vision positions Socomec as a catalyst for cross-border trade and cooperation within the SAARC nations.

OSL take:
The ongoing economic activities and Sri Lanka’s target of becoming an emerging business destination have resulted in an increase in demand for power. The government of Sri Lanka’s policy of increasing the country’s power generation mix to 70% renewable energy generation has resulted in an increase in business/investment opportunities in the power industry, especially in the renewable energy generation sector. With Sri Lanka once again on a growth path after facing the global pandemic and the economic crisis that followed, there’s a growth in the power industry. Many foreign businesses have already entered the renewable energy generation sector with many more expressing interest in renewable energy projects. Sri Lanka and India are also engaged in a project to ensure power grid connectivity between the two countries as well. All these are indicative of the growth and business potential in Sri Lanka’s power industry. Local businesses engaged in the the power industry, especially in renewable energy generation, have posted a steady growth and profits showing the growing business potential in the renewable energy generation sector. Foreign businesses/investors could therefore explore the expanding business/investment opportunities in the country’s power industry.

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Article Code : VBS/AT/20240219/Z_5

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