Shapoorji Pallonji Group firm Eureka Forbes, which is aiming to become a USD 1 billion company by 2020, is expanding its presence in Europe as well as North and South America, besides other geographies.
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The company will also be launching new-age products in categories such as water and air purifiers, security systems and lifestyle automation solutions in the domestic market.
“The other potential markets for expansion and segmental growth include North America and South America. In addition to these, the company is also looking at expanding the business to parts of Europe where it is not present – like Poland, Turkey and Russia,” Eureka Forbes CEO – Direct Sales and Senior VP, Marketing, Marzin R Shroff told PTI.
He further said: “The primary product segments that the company is competing in are cleaning systems, water purification and air purification to the B2C (via direct sales, retail and e-commerce) and B2B segments”.
Eureka Forbes, through its wholly-owned subsidiary Lux International, operates in over 48 countries in Europe, North and South America, and Australia. In several Asian markets, it operates as Eureka Forbes.
Shroff had earlier told PTI that Eureka Forbes aims to become a USD 1 billion company by 2020.
Last year, the Eureka Forbes Group had a turnover of Rs 3,300 crore in which international markets accounted for approximately a third of its business.
“The ratio of international and domestic business would remain almost same in the coming years as Indian market is also growing rapidly,” he added.
The home appliance maker had posted an annual growth of 14 per cent last year, Shroff added.
The company, which presently enjoys a leadership position in water and air purifiers, would retain its position in the segment, although several new players are competing with it.
“We are presently having around 40 per cent market share in air purifier segments and would retain it in the coming years,” he added.
However, he declined to quantify the air purifier units it sold this year.