Norbar has had a very proactive distribution model in India for many years which has given us an excellent platform for growth. However, there comes a point when the pressure to have a permanent wholly-owned presence in a country becomes too powerful to resist and Norbar has now reached that point.
The decision to set up a sales and customer service operation in India, is driven by the phenomenal growth of the Indian economy. Since its restructuring into a liberal market economy which began in 1991, India has become the world’s second fastest growing economy.
The figures speak for themselves. In 2010, the Indian economy was ranked as the ninth largest in the world with a gross domestic product of $1.73 trillion. In comparison to the other major economies (with the exception of China) which have remained sluggish since the financial crisis of 2008, India enjoyed growth of 7.7% in second quarter of 2011.
28% of GDP is industrial, in fact India has one of the world’s fastest growing automobile sectors, is very strong in mining, as well as energy and power generation. The arguments in favour of a permanent office in India were therefore becoming overwhelming.
Norbar India, which will be based in Mumbai under the management of Narendra Borse, will establish a network of distributors to cover the vast territory of the Indian market. These distributors will have the back-up of product expertise, service capability and stock supplied from our Mumbai base. The combination of Norbar India and our distributor network will enable us to deliver excellent service to end users and grow the Norbar brand in this exciting market.
Norbar India is the latest stage in Norbar’s long strategic development and will take its place alongside sister companies in Australia, China, New Zealand, Singapore and the United States, along with our network of distributors in over 80 countries.
By Jonathan Firnberg, General Sales Manager, Norbar Torque Tools Ltd / Director, Norbar Torque Tools, India, Pvtm Ltd.