Chennai: RayTech Group, a provider of industrial X-ray inspection solutions, is looking to set up a manufacturing facility in India. The Singapore-based company, which makes X-ray industrial inspection equipment in Malaysia, Singapore, and the US, is eyeing the $300 million industrial X-ray inspection market in the country over the next three years to five years.“We want to be a dominant player accounting for 20% of the market share in the segment in India,” its MD Sean Lyu told reporters, after inaugurating its showroom in Chennai on Tuesday. The equipment is used in semi-conductor, electronics, automobile, battery, and food and beverages industries.Ray Tech India, which is part of the RayTech Group, entered the Indian market in Aug last year. Noting that India is a growing market for the product, he said, the cumulative capacity of their factories manufacturing the X-ray industrial inspection equipment was 500-600 units. The plant that would be established in India will add a capacity of another 600 units, he said. “We are looking at all options such as greenfield, brownfield, and acquisitions. To develop a factory of this scale will require an investment of $10 million,” he added.Asked whether the company is exploring any acquisition deals globally, Lyu said, “Currently, we have an ongoing deal in the UK, and Malaysia. We are hoping for some new deals in India very soon.”
