Socomec Expands to Sri Lanka & Bangladesh, Aims to Double Revenue

Chennai, Feb 7 (PTI) Over a century-old France-based low voltage power management specialist Socomec is all set to foray into the Sri Lankan and Bangladesh markets, a top official said here on Wednesday.


The family-owned multinational company has an eye on doubling its revenues following its foray in the neighbouring countries over the next three years, its Regional Managing Director Meenu Singhal said. Under its expansion plans, the company has appointed Suhard Amit as the General Manager of Sri Lanka and Bangladesh.

"Sri Lanka is a growing market and it is coming out of a crisis. We want to stay ahead of the curve; that's the reason to move there. Bangladesh also offers lucrative opportunities for Socomec India across segments like Industry 4.0, switches, healthcare and data centres," Singhal told reporters.


The Sri Lankan market offers a good opportunity for Socomec India while Dhaka holds a growth potential, he said.


Socomec India is part of the Asia-Pacific business of Socomec Group which has set up its base in Singapore. "We may be investing in human capital (Following their entry into Sri Lanka and Bangladesh). Right now we may take up expansion in our manufacturing facilities in India to serve the two markets," he said, responding to a query.


Operating for over three decades in India, Socomec India has two manufacturing facilities in Gurugram. With over 300 workers, the company has appointed more than 170 distributors and channel networks across the country.

With a recent five-million Euros investment by Socomec Group in the Indian market to enhance manufacturing capacity, he said the goal is not only to meet local demands, but also to cater to the Sri Lanka and Bangladesh markets through exports.


To another query, company Indian region CFO Devesh Singhania said that Socomec reported USD 1 billion in revenues globally. As of December 2023, the company's India revenue stood at Rs 500 crore, of which 20 per cent is from exports.


Singhal said the company was also looking at increasing the localisation levels of the products manufactured in India from the current 50 percent to 65 percent by 2026.


Socomec India offers uninterrupted power supply, power switching, and monitoring solutions tailored for data centres, manufacturing and process industries, healthcare infrastructure, commercial buildings and renewable energy.


The product categories would be available in the Sri Lanka and Bangladesh markets. With this expansion, Socomec India aims to double its revenue in these regions within the next three years, the company said.