Industrial protective equipment manufacturer Mallcom India Ltd is aiming at a three-fold growth in revenue to Rs 1,000 crore over the next five years as it is hopeful of securing orders from both domestic and overseas markets, a top company official said on Friday.
Countries across the world are looking for a 'China plus one' strategy to source industrial safety and personal protective equipment even though a sluggish demand for such products is witnessed in the short term due to geopolitical tension, he said."The (Russia-Ukraine) war, high inflation, and talks on a possible recession in the US and the European Union countries resulted in a sluggish demand situation. But, our recovery surpassed pre-COVID levels. The 'China plus one' strategy by the major sourcing nations is under progress and India is emerging as an important sourcing destination, Mallcom India Managing Director Ajay Kumar Mall said.