Anchor Electricals, owned by Panasonic Corporation, is aiming to be the export hub for the Japanese conglomerate for Africa, South Asia and Middle East markets in categories like switches, switchgear, fans and luminaries.
Anchor is also exploring opportunities in the solar segment in the country. It has has set a target of 100 MW in installations by 2018 in this segment. "We have started solar segment and exports last year. We expect these to grow at a rapid pace in the near future," Anchor Electricals' Director - Sales and Marketing, Ashok Gangar told PTI.
Presently, the company is making switches, switchgear and wiring devices for Panasonic brand. It also has plans to make luminaries.
"Panasonic is making big investments in Anchor in India and it could be a hub for exports to Africa, South Asia and Middle East markets," he said. Anchor is exploring possibilities to export all of its products.
"We have already started the process to get British Standards approval, which is required for exporting to the Gulf markets," Gangar said, adding that the company has also started design changes as required.
Presently, the company is trying to get approval for switchgear, switch, some lighting products and fans. "As soon as we would get the (British Standard) approval, we would start exporting," said Gangar.
In the solar segment, apart from selling equipments, Anchor is executing several EPC projects.
"Anchor plans to aggressively expand in the solar panel and EPC business and has set an ambitious target of 100 MW in installations by 2018, Panasonic's foundation centenary year," he said.
Anchor Electricals had a turnover of Rs 1,839.5 crore in 2014-15. "This year (2015-16), we are expecting it to be around Rs 2,100 - 2,200 crore," he said, adding that the company is growing with a CAGR of 15 percent.
Presently 75 percent of its total revenue comes from the power business, which comprises switches, switchgear, wires and cable verticals.
Rest 20 percent is from lighting and the remaining from ancillary businesses, including exports. Panasonic had acquired Anchor in 2007