German Hager Group acquires 51 % stake in ELCOM JV in India
By (FINN) Frontier India News Network | February 3rd, 2012 | No Comments »Mumbai: Hager Group, a leading global specialist of electrical switchgears and automation products/ solutions for residential and commercial buildings, has acquired over 51 % stake in ELCOM Door-Communications (I) Pvt. Ltd. by virtue of acquisition of ELCOM International, a German based specialist in Video Door Phone domain.
A joint-venture between ELCOM GmbH & Co. KG (51%) and Prasad Gangavkar (49%), ELCOM Door Communications (I) Pvt. Ltd. was set up in 1996. The company is known for its high-quality door phone security systems in India and has With more than 25000 users and a countrywide dealer network. The company offers customized Door Phone solutions for buildings and residential complexes.
Hager Groups expects to target significant market share in the 500 crore Door Communication by 2015.
Prasad Gangavkar, CEO of ELCOM Door Communication India, said “With Hager Group we gain an international key player of the electrical industry, enabling us to expand our successful business in India even further. With Hager Group as a strong partner and its support, we expect to be able to offer our customers and partners many more innovative solutions in a sustainable way. In coming years, each Indian house will replace Door Bell with Door Phone. The process of transformation has just begun.”
Benoit Lecuyer, Hager India Managing Director said “Elcom will enable us to explore new options and opportunities in the field of the growing Indian home automation market, while offering synergies with our existing solutions of Energy Distribution and controls.”
With changing urban Indian lifestyle and young population mix; the acquisition will help Hager Group to enter the untapped door communication market. The concept has gained acceptance In India in recent years, with some reputed builders offering Door Phone System as an amenity. Today in cities, the house owners are aware of the Door phone System and will soon adopt Door Phone as a must have amenity for their homes.
