Below are the excerpts of our recent interview with Mr. Pradeep Srikanthan, Vice President – Solar Equipment Group, Redington (India) Limited
Let’s begin with a glimpse of your company’s presence and offerings in India?
Redington is one of the top INTEGRATED SUPPLY CHAIN SOLUTIONS PROVIDER and a LEADING VALUE ADDED DISTRIBUTOR in the IT & Telecom Space in INDIA. We are a public listed company in INDIA with a Sales Turnover of $ Over 2 Billion in India and close to $ 5 Billion globally. The SOLAR EQUIPMENT GROUP at Redington started in April 2016 and since then we have been growing at a good pace and offering high value proposition to our customers.
Solar PV Industry in INDIA is highly fragmented in nature and is currently going through an exponential growth phase. Redington being an Organized player in the IT and Telco Space is leveraging its large seamlessly integrated supply chain network in INDIA to take “High Quality and technologically advanced Solar Energy Products” to the last mile consumers through a network of very well “Qualified and Trained” Solar System Integrators / Channel Partners / Solar Installers.
What have been some of the recent developments at Redington?
REDINGTON is a broad line Multi Brand Distribution company. Our present focus is in the Solar Roof Top space in INDIA and REDINGTON has signed up Distribution Agreements with world class brands for Solar PV Panels, Solar Grid Tie Inverters, Solar Off-Grid Inverters, Solar DC Cables, Solar Combiner Boxes and other Solar PV components and products required for the Solar PV Industry in INDIA.
To meet the requirements of the Indian manufactured Solar PV Panels, we have tied up with a few reputed Indian Manufacturers producing Solar cells, Solar Panels, EVA and Back Sheet all by themselves. REDINGTON has tied up with Top Class brands for Solar Grid Tie, DC Cables, Junction Boxes and Integrated LED Street Lighting Systems.
Tell us a bit about the recent technology advancements in your sector?
Solar PV Industry in INDIA is has been growing exponentially and all technology advancements in the sector has been targeted towards driving down the cost of Solar Power Generation. For example, in the Solar Utility scale segment, we have been witnessing the increase in DC System voltage from 1000 V to 1500 V. Now most of Solar PV Panel manufacturers and Solar Inverter manufacturers are focusing to move towards 1500 V DC systems as it gives a cost advantage in terms of reducing the overall BOS cost of the Solar PV Power Plant.
Going forward we could also see this trend in the Solar Rooftop Segment as there is a lot of pressure on the EPC companies to deliver turnkey Solar solutions at the lowest possible costs.
What are your growth plans for the Indian market? What are the milestones you wish to achieve by the end of this fiscal?
REDINGTON’s foray into Solar PV industry started in April 2016. For the fiscal 2016-2017, we had set a modest top line target of Sub Rs. 50 Crores and are working towards it. Our long term goal for the Solar Equipment business is to double these numbers Y-o-Y for the next 3 to 4 years. One of the other major milestones that we have achieved this fiscal is to make our presence felt to more than 500 System Integrators / EPC Companies across the country.
Our target is to map a minimum of 1000 SI’s / EPC companies on to our network and offer our services to them. Globally we are present in more than 20 Countries and moving forward we will also explore the possibility of taking our Solar Distribution Business globally.
What have been the latest trends in demand for your products & services in India? Where do you see the next demand growth coming from?
REDINGTON’s current focus is into the Solar Rooftop segment in INDIA. Being a large organized distribution company, our Distribution model has been very well accepted by the Solar PV Industry. There are so many small and medium size Solar System Integrators today across the country who wants the products to be delivered Just In Time at their doorstep and they are looking for a reliable Distribution Partner who can do this and Redington perfectly fits in this space. The next demand growth for REDINGTON will be from the Solar Rooftop Market in INDIA and we see an exponential growth in this space.
Anything else you would like to add for our readers.
Redington in its endeavour to grow in the Solar Industry space will offer the following Value proposition to our channel partners.
a) Just In Time (JIT) Supply – Redington will leverage on its Logistics and Supply chain network of 90+ Warehouses across the country to stock the required Solar Components and systems and supply them to our channel partners within the shortest possible lead time.
b) Technical Support- Redington will offer all the Technical Pre-Sales and Post-sales support to the new and experienced Solar System Integrators and EPC companies
c) Warranty– Redington enables very strong Warranty assistance from Manufacturers to the customers.
d) Credibility– Redington commands a very good financial credit rating from rating agencies like CRISIL & ICRA. We are also listed in the stock exchanges of BSE and NSE. So our customers benefit from working with a financially stable Organization and vendors find easy scalability in a short span of time.