"The company's current revenue in India stands at 5 million Euros and is expecting to reach 20 million Euros by 2020," newly-appointed RLE India Private Limited Managing Director Vijay Machigad told reporters here.
RLE International is planning to make significant investments on skill development and to set up several Centers of Excellence in the next five years in India which would support the RLE Group's overall business across the geographies, Machigad said.
"RLE India is creating two focused growth engines in India - Product Engineering and Manufacturing Engineering and is also planning to invest 10 per cent of its revenues annually towards expansion of its business portfolio," he added.
The company's focus in India lies in building innovative solutions in Lean Engineering, Manufacturing Engineering, Automotive Electronics, Light Weight Materials and Vehicle Safety, Machigad stated.
"We aim for RLE India to become a leading player in 2-3 niche segments in India, to become one of the top 3 players in transportation segment and to broaden its footprint into Indian market, adding more Original Equipment Manufacturers (OEMs) and tier 1 customers in transportation segment," said Darren Gowland, Group Vice President International Operations, RLE International.
Over the past 10 years, the company has strengthened business relations with key Indian Original Equipment Manufacturers (OEMs) and Suppliers and is now looking to scale up their business in the country with an expectation of 30 per cent YoY growth, he said.
RLE International MD and COO Robert P Rupa said the Indian market is challenging but the company has the right expertise, experience and investment strategy to grow further.
Speaking about the challenges in the Indian market, Machigad said there seems to be a lack of availability of high-end skill set and RLE plans to invest on skill development as well as leverage its global expertise to offer niche solutions in India.