Infrastructure, renewable energy, metro, ports, railways, metals and mining, automotive and automation power plants (nuclear & thermal), contributes to the growth of the Indian market.
Some of these industries have higher growth rates in certain cities compared to others due to high cost advantage coming from raw materials and manpower. LAPP Group has presence in each of these industries and has significant market share for control, power and data products. India insulated wire and cable market is forecast to grow at a CAGR of 10.3 per cent through 2023, predominantly on account of growing government investments towards infrastructure development projects. We aim to capitalize on this and contribute to the Indian growth story.
Our vision for India is to reach turnover of Rs.1,000 crore by the year 2020. Our plan is to ensure an increase in our customer base and also strengthen presence in our focused segment.
When it comes to retail, we want to increase our base from current five cities to 20 cities by year 2020. This would ensure that we are not only seen as a leading industrial cable manufacturer but also a prominent player in the retail market targeting electricians and end consumers. Focus on delivering not only customized products but customized solutions to meet customer requirements.
To ensure we are where our customers are, we will set up more warehouses and build service points to service them better. We are further looking at growing our presence by offering our customers the convenience to buy online.