Syrma Technology is a major electronics system design and manufacturing service provider making printed circuit boards (PCB), box builds, radio frequency identification (RFID), magnetic products (chokes, inductors, transformers) and memory products.
"We are investing in the new production lines for PCBs in the Madras Export Processing Zone (a Special Economic Zone). Each line may involve an investment of about $2.5-3 million," Sreeram Srinivasan told the media here.
He said global electronic product manufacturers are now looking at alternate sourcing points owing to the trade war between two of the biggest economies.
"Our decision to invest in the new production facility for PCB is due to the increased orders," Srinivasan said.
The company will be shifting the PCB production lines from its existing facility in MEPZ to the new facility.
It also mulls adding more PCB lines in the new facility.
With the shifting of PCB lines to a new facility, Syrma Technology will put up additional RFID production lines in the available vacant space.
According to Srinivasan, the company plans to invest about $10 million over the next couple of years in expansion here.
Syrma Technology recently commissioned its fifth production facility in Bawal, Haryana to made PCBs for the Indian market while the units in MEPZ serve the export markets.
"The smart city projects and automotive sector offers good potential for us," Srinivasan said.
"In the automotive sector the battery management systems for electric vehicles will become big. In next three years 25 per cent of our turnover will be from the battery management systems."
Last year, Syrma Technology logged a turnover of about Rs 200 crore and this year the company is targeting Rs 300 crore.
Srinivasan said the company supplies RFID tags for surgical sponge makers.
"The RFID tags are stitched in surgical sponges. This will enable personnel in hospital operation theatres to have a count of surgical sponges used. It will also help in the check out whether any surgical sponges were left inside a person during an operation," Srinivasan said.
According to him, under the smart city project power utilities want smart lighting systems and smart metering systems and PCBs have good demand there.
"We are also looking at smart solutions for solar and wind energy sectors," Srinivasan said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
