Germany’s WIKA Alexander Wiegand has recently started operations at its Rs 100 crore strategic global hub for electrical equipment in India. The global 845 million euro company has inaugurated its manufacturing facility for valve manifolds and flow elements near Palwal, Haryana. Spread over five acres, the facility will cater to primarily the domestic, Asia Pacific and Middle East markets.
“India has a huge potential for growth. We are at around Rs 400 crore and expect to grow to Rs 750 crore in the next five years, at a growth of 10 to 12 per cent year on year,” WIKA Group Chairman and CEO Alexander Wiegand said while inaugurating the plant.
Strategic acquisitions are one of the primary growth factors of WIKA Worldwide and India is a potential country for more acquisitions in the future, he added. The company started its operations in India in 1998 with a sales office and converted to full-fledged production by 2001. The two other companies acquired in Chennai and Ghaziabad manufacture pressure switches.
To increase the production capacity of Level Measurement devices, WIKA is also expanding its facility in Pune. WIKA in India manufactures pressure, temperature and level mechanical measuring devices, including pressure gauges, pressure switches, temperature gauges among others.