The story of their phenomenal growth in just over four decades is very impressive and Sharad Fomra, CEO, Fomra Group and a third generation businessman from the Fomra family narrated it to Chennai Chimes.
“My grandfather Kanhaiyalal Fomra started off in a very small way with his brother and sold electrical equipments. People from all over South India walked into our shop to get electrical fittings as they were not available anywhere else and our prices were very good. Slowly, we built good will by maintaining a very high quality of our products and customers started relying on us. We have been constantly expanding our product range, always maintaining competitive prices, high quality and also ensuring prompt and timely delivery.
Over the years, the entire market has been changing and we have been changing with the trends. Today, all the products are available everywhere and customers want solutions offered to them at their doorstep. So from drawing customers to our shop, now we present comprehensive packages for any construction project or industry that is being launched. We have a large team managing different types of customers. We undertake work ranging from single apartments, independent bungalows, corporate houses to huge complexes and big industries. We work with the decision makers in these various projects who could be the customers, architects, electrical consultants or contractors.”
When I asked him to state reasons for their rapid growth, he explained the strengths of Fomra. “We adhere to quality and accept products from vendors after very meticulous screening. We are very conscious of time bound deliveries, so that our customers can rely on us completely and their work schedules are not affected by us. We offer competitive prices and we have built a great rapport with both our vendors and customers and thereby they trust us in all dealings.”
Sharad felt that competition was very healthy for their business, it helped them to ensure their products and services were the best at all times and kept motivating them to stay ahead, with the result they made a turnover of around 100 crores last year. Fomra Electricals has many showrooms in Chennai, opening in Hyderabad soon and planning to make their presence in other parts of the country also. Fomra Group has ventured into other areas managing an Engineering college in Old Mahabalipuram Road, Chennai and has launched Fomra Housing recently.
Firmly rooted in ethics and standards, Fomra Group is diversifying and is scaling heights in all their business endeavours, creating a unique, enviable place for themselves in the market and is an attractive case study for any aspiring young businessman.
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