Over the last three decades, the third-generation entrepreneur and managing director of Coimbatore-based air compressor maker ELGi Equipments has made his thesis his mission. So much so that in 2010, he announced his intent of making ELGi the second-largest air compressor manufacturer in the world by 2027. (It is currently seventh in the global pecking order. In India, it is already No. 2, behind Atlas Copco.)
Varadaraj’s ambition is powered by the size of the opportunity. The global market is pegged at $15 billion, 80% of which is accounted for by the organized sector, comprising market leader Atlas Copco and Chicago Pneumatic, among others. The larger companies (including Kirloskar Pneumatic and Ingersoll Rand) have a similar hold on the $2-billion domestic market; the unorganized sector controls 20% of the industry and includes hundreds of manufacturers that play in the low end of business.
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