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NewsVoir
Mumbai (Maharashtra) [India], February 22: Salzer Electronics Limited (BSE: 517059, NSE: SALZERELEC), a capital goods engineering Company offering total and customised electrical solutions, is happy to announce that it is establishing a Smart Meter manufacturing business in Coimbatore. The cutting-edge smart meter factory is also backward integrated with Salzer's existing Coimbatore factories, which have been manufacturing crucial electrical components for Smart Meters. This provides Salzer with a distinct strategic edge in terms of cost control, supply chain management, and Smart Meter quality assurance, while also demonstrating the company's commitment to addressing India's growing need for innovative energy management solutions. This New smart meter manufacturing plant will have an annual production capacity of 4 million smart energy meters, which will be increased to 10 million smart energy meters in Phase 2. This facility will provide employment to approximately 1000 people at its full capacity. India is seeing exceptional demand for Meters, which is projected at 250 million units initially, with a potential increase to 350 million metres during the next three years, because of the Revamped Distribution Sector Scheme (RDSS) launched by Government of India. As per Astute Analytica, India Smart Meter market is likely to reach $3.27bn by 2031 growing at a CAGR of 34.57% in the period 2023 to 2031. Salzer is well-positioned to help meet this need by modernising and improving the country's energy infrastructure. Commenting on this development, Rajesh Doraiswamy, Joint Managing Director, Salzer Electronics Ltd. said, "I am pleased to announce the building of our new Smart Meter manufacturing facility. This investment underscores our commitment to innovation, and bringing in new products as and when opportunity arises." We take pride in saying that Salzer will be contributing its part to the creation of a smart interconnected energy grid in India. We have already received BIS certification for our Single Phase Smart Energy meter. The first batch of smart meters is expected to roll out in Q1 FY25, from the new facility. This Investment will provide the company with a competitive edge in the market, protect its intellectual property, and generate substantial revenue, thereby contributing to the Company's future success. "I would like to thank the entire Salzer team and all our stakeholders for their hard work and support, which enables the Company to keep moving forward." * Salzer is a Leading player offering Total and Customized Electrical Solutions in Switchgears, Wires & Cables, and Energy Management business. It is the largest manufacturer of CAM Operated Rotary switches & Wire Ducts in India. The Company caters to a wide range of products with four in-house manufacturing facilities, located in Coimbatore. * The Company has a wide distribution network locally and globally, exporting to many countries. In India, Salzer markets its products through its own distributors and more than 350 local distributors of L&T. The Company has a strong R&D team that focuses on developing and commercializing the technologies of the products, and as a result, can offer total customized electrical solutions to its customers. (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
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