Symphony eyes acquisitions to enter new markets

NEW DELHI, Aug 24:  Air cooler firm Symphony is eyeing global acquisitions to enter new markets while targeting a 40 per cent growth in sales in the current fiscal.
“We are open to new acquisitions. If some acquisition opportunity comes which will open newer markets for us, we will definitely look at it,” Symphony Vice President (Marketing) Rajesh Mishra told.
The company, which acquired Mexico-based Impco Air Coolers in 2008, is also focussing on increasing its industrial and commercial air cooling business to drive future growth.
Mishra added that the IMPCO acquisition allowed the company to venture into industrial and commercial cooling.
In the next five years, the company is looking at 50 per cent sales from industrial and commercial cooling segment and rest from residential sales.
At present, industrial and commercial sales account for only five per cent of total turnover.
“Industrial and commercial cooling business has huge potential to grow. We expect this segment to contribute 50 per cent to total sales in the next five years,” he said, adding that all factories, halls, school and low budget hospitals are potential customers for the company.
On growth target for the year, he said: “We are targeting 40 per cent sales growth this fiscal. Our sales in the previous fiscal was Rs 530 crore.”
Mishra said the company also sees good growth opportunity from international sales.
“We believe the potential in international sales is tremendous. Countries like Egypt, Sudan, the Middle East, Bangladesh and Latin America are good markets for us. At present, international sales contribute 10 per cent to total turnover,” he added.
Symphony also plans to invest Rs 50 crore this fiscal on product development and brand building. (PTI)

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