The Schneider Electric Group launched the new brand identity of L&T Switchgear on Wednesday. The electrical and automation company will now be known as Lauritz Knudsen Electrical and Automation and the rebranded entity will continue to exist as a separate brand in the market.
In 2020, Schneider Electric Group had acquired L&T Switchgear for Rs 14,000 crore. Speaking at the launch of Lauritz Knudsen which was held in New Delhi, Peter Herweck, Chief Executive Officer at Schneider Electric, announced that the company will invest Rs 850 crore in the next 3 years. He said, "Lauritz Knudsen will further establish its role as a significant player in India's rapid growth trajectory in the electrical sector."
The company aims to invest the above mentioned amount in enhancing manufacturing and research and development capabilities. Talking about the contribution of Lauritz Knudsen, Deepak Sharma, Zone President - Greater India, MD and CEO of Schneider Electric India, said that the brand's contribution to the overall business is healthy. He said, "The exports have started off well. We have expanded from 10 countries to 30 countries in the last few years. Given the fact that there is a lot of momentum in the economy, the overall business stands to benefit."
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Operationally, the company is adopting a two brands, two sales strategy. Both Schneider Electric and Lauritz Knudsen will coexist in the Indian market. Herweck said that the group has experience of running different brands in the same market across the world which includes countries like China, Brazil, etc.
Lauritz Knudsen's manufacturing footprint in the country spans 2.1 million square feet. Moreover, the company has a presence across the country with 33+ offices across 500+ cities.
