August 20, 2016: The Coimbatore-based pump manufacturer CRI Group has announced its entry into high-end specialized wires and cables. The company has earmarked around Rs 125 crore for this foray, in order to achieve its target of Rs 5,000 crore turnover in 2021.
The company has set up a manufacturing plant with integrated cable compound manufacturing facility with production capacity to process over 10,000 tonne of copper. The facility has a capacity to manufacture products worth over Rs 500 crore per annum. In the second phase, the company plans to double the capacity over the next 2-3 years. It also plans to leverage its longstanding relationship with reputed EPC contractors, retailers, consultants and contractors of CRI for the wires and cables division.
With a distribution network in over 120 countries along with the seven foreign subsidiaries and 32 Indian branches, the company is also in the process of establishing a new channel for some of its wire and cable products.
The Indian wires and cables market is estimated at Rs 40,000 crore, out of which, the company is targeting in segments which together has a market potential of about Rs 14,000 crore. This is expected to reach Rs 25,000 crore in 2021 with a CAGR of 15 per cent. The company is confident to capture at least 4-5 per cent market share in the targeted wires and cables segment which would fetch revenue of Rs 1,100 crore by the year 2021.