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Building materials and home furnishing company VOX India, which is a joint venture between the former promoters of Ashirvad Pipes and VOX Poland, is setting up its first factory in Jigani Industrial Area, Bengaluru, with an initial investment of ₹100 crore, according to a top company executive.
Speaking to businessline, Varun Poddar, CEO of the company, said that the 50-50 joint venture was established in 2018, in which Poddar is the operational partner, looking after sales, distribution network, and manufacturing, while VOX Poland provides the technology and marketing support. VOX is a European company that has been operating in the market since 1992.
For the last four years, the company has been importing products from Europe to understand what works and doesn’t work in India. “Since we have a fair understanding now of what sells in India, we will start production at our manufacturing plant in October, and by November, we expect to start commercial production in the same,” he said.
The facility, which is spread across 3 acres of land, will see an initial investment of ₹100 crore, enabling capacity generation for both the current and subsequent years.
“Following this, we expect to add additional production lines within the same facility. So, we plan to put across a total of ₹200–250 crore over the next three years, which will give us capacity until 2027–28,” Poddar added.
Its current product range consists of ceiling, internal, and external wall solutions, facades, decorative wall items, skirtings, acoustic ceilings, and flooring products. Explaining the plan of production, he stated that they will start with the production of the ceiling products and eventually scale it up to flooring products, and the other lines will get those mass-critical volumes.
While the primary goal of setting up the facility in the country is to cater to the domestic market, VOX India also aims to produce for South Asian, African, and European markets, with India serving as an export hub for Europe.
The company presently exports to neighbouring countries, including Indonesia, Vietnam, Dubai, Oman, Kenya, and others and anticipates its FY24 revenue to nearly double to ₹100 crore compared to the FY23 figure of around ₹60 crore. “The aim for FY25 is a revenue of ₹200 crore, with exports accounting for around 10 percent of the total,” Poddar noted.
“Within the country, the focus is on expanding presence in Tier 2 and Tier 3 cities. Currently, we are present in over 100 cities, which we expect to expand to 200 cities by March 2024 ensuring a greater emphasis on availability,” he said.
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