Power appliance maker Microtek is planning to invest Rs 500 crore to boost its electric product business over the next one year, according to company officials quoted in a PTI report. The company will primarily make investments in research and development and ramping up the manufacturing of its products.
"We have crossed Rs 250 crore revenue. We are targeting to cross Rs 400 crore revenue and invest Rs 500 crore in the next one year," said Microtek International Deputy Managing Director Saurabh Gupta.
As per industry estimates, the domestic electrical equipment market is expected to grow at an annual rate of 12 per cent to reach around 5.4 lakh crore by 2025, he added. "So, there is an immense potential in the market, which Microtek as an Indian company is very keen to tap," Gupta said.
Presently, the company is engaged in the manufacturing of power inverters, solar solutions, electric vehicle chargers, wires and cables etc. "We will be using this investment in R&D and manufacturing as we want to ensure that the quality of our products remains world-class and our products are durable besides helping in saving electricity cost," Gupta said.