NewsVoir
Mumbai (Maharashtra) [India], October 9: Crompton Greaves Consumer Electricals Ltd. (Crompton), one of India's leading consumer electrical companies, today announced a landmark milestone by securing its first major solar rooftop order in the market of Telangana of INR 52 Crs. This strategic move emphasizes Crompton's commitment to driving growth in sustainable energy solutions with a strong right to win through its trusted brand and strong distribution network with capability to scale. Crompton is well-positioned to leverage the large and growing solar rooftops market of INR 20,000-INR 25,000 Crs, expected to grow at a fast clip of 20%+.
This significant win marks Crompton's strong commercial debut in the large solar rooftop category and positions the company as a credible player in India's solar energy market.
Crompton's entry into solar rooftops aligns with its broader strategy to significantly expand its Total Addressable Market (TAM) from INR 75,000-1 Lakh Crore to INR 2 Lakh Crore. The combined solar pumps and solar rooftops segment represents a large opportunity size of INR 40,000-INR 50,000 Crs. Crompton is uniquely positioned to capture this growth through its trusted & reliable brand and extensive distribution network. The company is already witnessing strong momentum, with large orders and a robust pipeline in solar pumps.
Commenting on the same Mr. Promeet Ghosh, Managing Director & CEO, Crompton Greaves Consumer Electricals Ltd. mentioned, "The renewable energy sector, particularly solar rooftops, presents a transformative opportunity for India's energy landscape. Crompton's entry into this segment reflects our commitment to sustainability. Our vision is not only to deliver high-performance, innovative products, but to also become a major contributor to India's green energy transition, driving both fast growth for Crompton and a sustainable future for the nation."
He further added, "Securing our first major solar rooftop order is a significant milestone for the category. This validates our capabilities and sets the stage for rapid growth in a sector that is witnessing tremendous demand. Leveraging our brand strength and distribution reach, we are well-positioned to create meaningful impact and deliver value to our consumers and the broader ecosystem. The potential for this INR 20,000-INR 25,000 Crs category is immense, and we are committed to driving innovation and excellence as we expand our footprint."
This successful entry into the solar rooftop segment is not just an addition to Crompton's portfolio, it represents a pivotal shift towards becoming a comprehensive partner in energy efficiency and sustainability. By actively harnessing India's solar energy potential, Crompton is reinforcing its commitment to its Environmental, Social, and Governance (ESG) mandates and cementing its role as a forward-thinking consumer electrical leader ready to capitalize on the next wave of India's energy demands.
With a brand legacy of over 85 years, Crompton Greaves Consumer Electricals Ltd. is India's market leader in the category of fans and residential pumps. Over the years, the organization has continuously strived to produce a range of innovative products that cater to the modern consumer including superior quality and high-performance fans, pumps, lighting solutions and a range of other categories like water heaters; air coolers; small kitchen appliances like mixer grinders, air fryers, OTG, electric kettles etc.; other home appliances like irons & built-in kitchen appliances. The company has further invested in brand and innovation to not only better understand and meet consumer needs, but to also help drive energy efficiency. The consumer business also has a well-established and organized distribution network driven by a strong dealer base across the country offering a wide service network and robust after sales service to its customers.
The company's consistent dedication to developing energy-efficient products has led to significant recognition. It has been honored with three prestigious National Energy Consumer Awards (NECA) by BEE, Ministry of Power. The recent award was presented by the Hon'ble President of India, Smt. Droupadi Murmu for the company's storage water heater in 2023. In 2019, the brand won in two categories: Ceiling Fans and LED Bulbs. Additionally, it was recognized as one of India's Best Managed Companies 2022 by Deloitte Private and listed among 'India's Top 500 companies 2022' by Dun & Bradstreet India. The company has also been featured in Brand Top 75 most valuable Indian brands list for 2020 released by WPP and Kantar. Furthermore, Crompton was also recognized as the Brand of the Decade 2021 by Herald Global and BARC Asia in the Consumer Electrical category.
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