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For the next 18 months, L&T is only looking at Malaysia and the West Asian countries as export destinations for its M-line range.

New Delhi , July 22

LARSEN & Toubro (L&T) has vision to grow its Electrical Standard Products (ESP) business unit by 20 per cent during the current fiscal 2003-04.

ESP business unit, which is betting on development of new products for achieving growth and maintaining leadership position, is part of the Electrical & Electronics division of L&T. This unit recorded a turnover of Rs 421 crore, which is about 47 per cent of the nearly Rs 900 crore turnover registered by the Electrical & Electronics division during last year.

"ESP will grow by at least 10 per cent this year. Our internal target is to try and achieve a 20 per cent growth," Mr R.N. Mukhija, Member of the Board, L&T, told newspersons here while launching a new line of industrial switching devices — `the M-line range of contactors'.

The latest range of contactors includes the MN 550 Ampere Contactor, which the company claims is the "lightest device of its type in the world".

"In the launch of the M-line range, we have set a number of new benchmarks for the electrical industry. We have obtained one patent and also undertaken design registration. The M-line range manufactured by us is world class and suitable for Indian tropical conditions also," Mr Mukhija said. Mr S.C. Bhargava, General Manager, ESP unit, told Business Line that the new range of contactors would help generate additional business of Rs 30 crore this year.

"Our effort would be to touch Rs 100 crore turnover from contactors alone this year. We are currently recording turnover of about Rs 70 crore from contactors. The M-line range is expected to generate about Rs 30 crore this year," he said.

For the next 18 months, L&T is only looking at Malaysia and the West Asian countries as export destinations for its M-line range. "We are not looking at any other region other than the Middle East and Malaysia for exporting M-Line range in our brand name. But we are strongly exploring the possibility of undertaking contract manufacturing of contactors and air circuit breakers for manufacturers in the European Union," Mr Mukhija said.

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