[India], July 4 (ANI-NewsVoir): Ozone Enterprise Group, an Everstone Capital PE equity funded leading player in the Architectural Hardware industry has announced an investment of over Rs. 100 Cr in the next 2 years on diversification into the fast growing Security and surveillance and IoT (Internet of things) industry, primarily on building manufacturing capability for CCTV cameras and other security and surveillance products in India, and promote the 'Make in India' initiative.
With a diversified presence in Architectural Hardware, Safes & Vaults, Locks, Fire & Safety Doors and Urban Furniture, the brand is among the Top 3 players in Safes and Locks in the country. Riding on its aggressive growth and diversification plans, the Group is eyeing Rs. 1,000 Cr turnover by FY 2021 The company, which primarily is into B2B and B2B2C segments, is all set to multiply this growth by diversifying into B2C segment with these new business lines. With this diversification, the brand sees a lot of synergy with its existing businesses, including its manufacturing capability, R&D centres, PAN India offices, Warehouses, Service centres etc and is confident that the new business lines will also have a positive rub off on the group's existing business lines.
Talking about its business aspirations, with its aggressive growth and diversification plans, the group is eyeing Rs. 1,000 Cr turnover by FY 2021. The company plans to invest over Rs. 100 Cr in next 2 years on diversification into fast growing Security & surveillance and IoT (Internet of things) industry, primarily on building manufacturing capability for CCTV cameras and other security and surveillance products in India, and promote the 'Make in India' initiative.
Talking about the company's plans Mr. Alok Aggarwal, Founder & Managing Director, Ozone Enterprise Group said, "Ozone brand has been consistently delivering high quality products & solutions to its customers over last 2 decades. The brand has been growing steadily at a CAGR of 21% for the last few years and it's time that we looked at a quantum jump by diversifying into new businesses. Our first and foremost job was to identify business lines which are high growth industries and synergise with our existing business lines, this is where we narrowed down on Security & Surveillance and IoT. We plan to invest over Rs. 100 Cr on diversification into these new businesses in next 2 years, and we are contemplating both organic and inorganic options for diversification. We are all excited and hope to take Ozone brand to the next milestone of 1000 Cr turnover by 2021." Mr. Aggarwal added. (ANI-NewsVoir)