Panoptes eyes Rs 100-cr turnover over two years | business | Hindustan Times
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Panoptes eyes Rs 100-cr turnover over two years

UK-based security solutions provider Panoptes, which is foraying into India's multi-million dollar security devices market, expects to achieve a turnover of Rs 100 crore in the next two years. The company will invest Rs 50 crore in marketing its products here over the next two-three years.

business Updated: Jul 11, 2010 12:15 IST

UK-based security solutions provider Panoptes, which is foraying into India's multi-million dollar security devices market, expects to achieve a turnover of Rs 100 crore in the next two years.

The company will invest Rs 50 crore in marketing its products here over the next two-three years.

"The Indian market for security equipment is growing at a rapid pace, given the social scenario. We expect to see good demand from hotels and shopping malls," Panoptes Secure India Director Rashy Todd said.

Stating that India has a multi-million dollar market, he said, "By July next year, we are expecting revenues to the tune of Rs 25 crore, and the year after that, we will aim for a turnover of Rs 100 crore."

The company, which will begin its operations in the country through the sale of metal detection systems, intends to expand its portfolio by adding five more products over the next one year.

"We are in discussion with various groups (companies) as well as the police force in various regions like Delhi, Chandigarh, Punjab and Haryana for installation of our products," he said.

Panoptes is targeting the country's security surveillance market as well as its healthcare segment.

"One of our products, catering to the healthcare segment, is used for pre-MRI scanning. So, we would explore the healthcare sector in India as well," Todd said.

The company, which is currently operating in the US and Europe, will import its products from the UK. The detectors would be available at Rs 6.5 lakh and Rs 13 lakh for the security and healthcare segments respectively.