Date:05/09/2008 URL: http://www.thehindu.com/2008/09/05/stories/2008090553641800.htm

Business

Pyramis of Greece makes India foray

— PHOTO: RAMESH SHARMA

KITCHEN SOLUTIONS: Nikolaos A. Bakatselos, Deputy Managing Director, Pyramis Metallourgia S.A.Greece, at a press conference, in New Delhi on Thursday.

NEW DELHI: Leading international kitchenware solutions brand Pyramis S.A. of Greece on Thursday announced its foray into the Indian market and has established Pyramis Marketing India Pvt. Ltd. for its India operations.

Announcing this at a press conference here on Thursday, Pyramis Deputy Managing Director Nikolaos A. Bakatselos said the company had decided to enter India to provide complete solution for kitchens and bathrooms.

Investment plans

The company planned to invest euro 750,000 in the first year of the launch and then increase its investment with the aim of capturing 10 per cent share of the huge market, he added.

He said Pyramis planned to open 25 exclusive showrooms across the country in the next four months. In addition, the company would use multi-brand showrooms to market its product range.

The company had set itself a sales target of Rs. 50 crores.

“We conducted a study of the Indian market and found it to be highly potential. The Indian market is just opening up to our product segment and we are hopeful of high growth rates in the near future to help us achieve a market share of about 20 per cent in the next 5 years,” he remarked.

“Kitchen products hold a lot of promise in India. Although many MNCs market their products here, we would have an edge over them because we plan to provide complete kitchen solution under one roof with better after sales services,” C. P. Saboo, CEO and Managing Director, Pyramis Indian arm, said.