The Machinist recently visited the Pune manufacturing facility of Premium Transmission Pvt Ltd, where it also caught up with Neeraj Bisaria, the Company's Managing Director & CEO. In view of the recently launched seven new products, Bisaria said that Premium Transmission - a leading manufacturer of gearboxes - is now adopting the strategy of focussing on special segments. "For example, these new products will cater to industries varying from oil & gas, steel, cement, food and beverages, power, material handling to textile, elevators etc. From being a product manufacturing company, we have started the journey towards becoming an engineering and innovation company. This is exactly why we opened a new Product Development Centre in Kolkata earlier this year. And having launched seven new products recently, we are now looking to launch six more new products by the first quarter of the next calendar year. Premium's R&D spend is also quite healthy at about eight percent."
Speaking about the Company's manufacturing footprint, Bisaria informed that Premium has three manufacturing units in India and one in Germany. Premium's growth strategy is three-pronged with focus on market, product as well as application. "This gives us a larger scope to grow," says Bisaria. The gearbox industry is growing quite well in India and Premium commands a good market share of about 25 percent. In terms of industry sectors, Bisaria believes that booming infrastructure and urbanisation in the country offers a great scope in segments like power, steel and cement. "The industrial gearbox segment is also evolving, and we are ensuring that we remain at the forefront," he says. Going ahead, Premium will also be looking at the renewable energy sector. "Currently, no Indian companies is doing gearboxes for the wind energy segment and we are looking to be the first mover in that sector." Premium plans to start doing wind energy boxes with two years.
While strengthening its focus on manufacturing, innovation and quality, Premium is also looking at building a robust service division. "In fact, we are currently developing service as a separate business vertical. By doing this, we will also be catering to customers not using our products," Bisaria says. Rather than having just conventional distributors, Premium Transmission is now looking to build long-term partnership with its dealers across the country.
With the aim of being sync with the changing times, Premium Transmission has already initiated Industry 4.0 across the organisation. "We will be making significant progress on that front by 2023. In fact, we have ERP implementation in place for the last ten years," he shares.
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