According to reports, leading power backup solutions provider Luminous Power Technologies has adopted a bullish approach on the solar power backup segment, which is estimated at almost Rs 5,000 crore at present.
The company, which gets 10 per cent of its revenues from solar power backup space, is targeting 25 per cent of business to accrue from the segment in the next 2 years from the current 10 per cent .
The domestic solar power backup segment is growing at the rate of 20-25 per cent annually, Luminous managing director Manish Pant told Business Standard here.
Over the last two years, the company has increased its solar power product portfolio to include solar power lamps and inverters . Its revenues from solar power segment had doubled in the last financial year, he added.
Now, Luminous is gearing up to launch solar inverters targeted at businesses, including gas stations, petrol pumps etc.
“We have also planned to provide turnkey power backup projects spanning both housing and commercial properties,” Pant informed.
Last year, the company provided hybrid power backup solutions to 70 odd cell towers of public sector telecom major BSNL. “Since, we have the expertise and wherewithal to service telecom companies, we would be bidding for such projects in future,” he added.
Luminous is amongst the top two power backup solutions companies in India.
Uttar Pradesh is the biggest market for Luminous with over 10,000 channel partners.
The company is now gradually entering the electrical products market with the launch of fans, switch boards, cables etc. “Our strategy is to have a complete value chain in the power backup and electrical space,” Pant said.