Syrma Technologies Pvt. Ltd., an electronics product design and solutions company, will enter the domestic market by setting up one more manufacturing unit in India, said a top official.
“So far, we have been focusing only on the export market and now we are entering the domestic market,” said Sreeram Srinivasan, chief executive officer of the San Jose and Chennai-based Syrma Technology. “For this, we are setting up a new dedicated unit and will invest over $10 million over the next two years.”
The unit, the fifth for the company, will come up on the New Delhi-Mumbai corridor and start functioning by the end of 2018.
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PCBs, box builds
The unit would focus especially on the auto, industrial, aero, defence and healthcare sectors, the CEO said.
It would produce printed circuit board assemblies (PCBAs) and box builds. The plant would have an annual capacity to make 2,000 sq. metres of PCBs and could be expanded to 6,000 sq. metres. The company has three manufacturing units in Tamil Nadu and another in Maharashtra.
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“We help our customers add intelligence to products by providing solutions around design, build and innovate. Our primary focus has been on the export market and our core business has been growing at a compound average growth rate of over 27% in the last three years,” he said.
“This domain is growing at a very healthy pace and is expected to touch $230 billion by 2020. To service the increasing demands from the national market, we are putting up the fifth plant. The produce from the first four plants will continue to be exported. The current capacity is two lakh (components placements capacity per hour). This will double by April 2019,” he said.