Signify lighting solutions aims at 18% growth in 2022

 Signify Innovations India, erstwhile lighting division of Philips Eindhoven of Netherlands, is aiming to grow by 18 per cent to 20 per cent during 2022 in India, a top company official said.

Presently, the company is enjoying a market share of around 25 per cent in value terms in a lighting solution business whose size in the country is close to Rs 15,000 crore.

Sumit Joshi, vice-chairman and managing director of Signify, said the company manufactures high-end lighting solutions under the 'Philips' brand.

Joshi, who looks after the company's operations in India, Bangladesh, Sri Lanka and the Maldives, said the lighting business was the major revenue earner when the split happened in 2017.

In 2017, the lighting and the healthcare verticals were split, with Signify dealing with lighting solutions systems.

He said 90 per cent of the lighting solutions products are LED, while only ten per cent are incandescent bulbs, which are not energy efficient.

With its manufacturing facility at Baroda in Gujarat, Signify has almost 23 co-manufacturers spread across the country including Kolkata.

According to Joshi, Signify is a pioneer in connected lighting solutions with its new innovations, and had also developed surround lighting solutions akin to surround sound systems.

He said the company gained market share in the last three to four years, adding that with the pandemic subsiding, the potential for growth is more in future.

Presently, Signify has two R&D centre and IT centres at Pune and Bangalore which does applications developed for the world, and one at Noida meant only for Indian operations.

To a query, he said depending upon the availability of skill sets in Kolkata in future, Signify can also open a similar facility in the city's software hub.