The company is looking to diversify into newer products under the same bucket and will launch fans and home appliances in the near future.
Switches, wires and cables firm Goldmedal Electricals is eyeing a 40 percent growth to Rs 2,000 crore in FY20. In an interaction with Moneycontrol, company director Kishan Jain said that they are also looking to enter the home appliance segment in the near future.
The company saw a compounded annual growth rate of 40 percent and is worth Rs 1,400 crore.
Jain said that they are planning to consolidate and become leaders in regions which include Madhya Pradesh, Uttar Pradesh, Odisha and Bihar, where we have a limited presence. They also plan to expand to foreign markets such as the UAE in a couple of years.
Jain also has planned to diversify into newer products under the same bucket and will launch fans and home appliances in the near future.
“We have invested in exclusive showrooms in many cities to showcase our range of premium products directly to our clientele who include interior designers, architects, and builders, along with upper and upper-middle class customers," said Jain.
Set up in 1979, the Mumbai-headquartered company manufactures modular switches, home automation systems, LED lights, entertainment devices, doorbells, wires, cables and others for residential buildings as well as commercial establishments. The company has a manufacturing unit at Bhiwadi (near Delhi), which produces wires and cables.
Engaged directly with its network of over 20,000 direct and indirect dealers and wholesale dealers across the country, Goldmedal retails directly to large institutional buyers through stores such as Croma, Reliance Fresh and Hypercity among others, Jain stated.
In 1981, Goldmedal entered the wires and cables business in 1981 and set up a manufacturing unit in Goregaon (Mumbai) for wires & cables and modular switches in 1995.In terms of the product portfolio, the company has launched tech-enabled products such as WiFi i-Touch Switches and systems that can be operated from a mobile phone from anywhere in the world. It can also be operated by using voice commands through Google Home and Amazon Alexa, Jain said.The Great Diwali Discount!
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