Compressor manufacturer Elgi Equipments will continue to focus on becoming the world number two, its Managing Director Jairam Varadaraj told The Hindu.
According to Mr. Varadaraj, the whole size of the compressor industry globally has shrunk with the COVID-19 spread. Elgi continues to supply machines in the United States, Australia, and South East Asia, though not to the earlier levels. “We are taking short-term measures to ensure well-being of the company. It is a calibrated move,” he said.
“Our aspiration to emerge as the number two player is still our primary focus and in some ways, we are at an advantage for we are not dependent only on one economy,” he said.
Industries in the essential sector are expected to return to normalcy faster compared to other sectors when the lockdown is lifted. “We will wait and see how those verticals that cater to the essentials will recover after the lockdown,” he said.
“I do not see a rush for economic activity when the lockdowns are lifted. Recovery of mindset of people (to spend) will depend on the confidence in the system. Economic activities will see gradual recoveries,” he said.