Power solutions major Luminous Power Technologies is extending its presence overseas. The company, which entered the South African countries recently, wants to venture into the markets of Latin America and West Asia by the end of the current fiscal, while the US is next on its agenda.
“We have just a few days back inaugurated our fully-owned subsidiary in China which will also help us cater to the export markets,” said Rakesh Malhotra, founder & CEO of Luminous Power Technologies.
Initially set up with a capacity of 0.6 million units, the power electronics China plant will manufacture UPS and invertors. “The plant’s capacity will be increased to 2.4 mn units by 2012, involving a total investment outlay of $16 mn (Rs 64 cr),” said Malhotra.
The company has also set up a new division for exports. Its promotional spends for the next two years are pegged at $25 mn (Rs 100 cr), 35 per cent of which will be spent outside India.
The current turnover of the company is Rs 425 cr, which is projected to reach Rs 700 crore by the end of the current fiscal and Rs 1,000 cr by 2010.