Shobha Kolte started RICO in 1973 from a single garage. It is a manufacturer of electrical, mechanical, electronic and electro-mechanical goods such as switches, valves, heaters and level gauges. The company’s present success can be estimated by its enviable client list which includes industry behemoths like Mahindra and Mahindra, Manforce, Siemens, Ashok Leyland, Eicher Tractors, Kirloskar and L&T. This success is possible since CEO Ritesh Kolte, who now heads the company with new flair and innovation, is armed with similar will-power and determination as his mother. The company that first drew an income of`1500, now earns a yearly turnover of `13 crore. Driven by a workforce of 70–80 people and supported by the productivity of three factories in Pune, RICO’s total turnover is expected to further double in the next three years.
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However, RICO’s journey to success has not been easy. According to Rucha Kolte, Product Development Engineer, there was a time when the company faced acute problems of design validation. Consultants were appointed as a remedy to this situation. With their help, the company was able to achieve one patent. Presently, RICO awaits the registration of three more patents. The company has formidable design capabilities now, and can easily adapt to comply with specific client requirements to develop technologically-advanced and customised products. Goods designed in the company’s units are tested for maximum durability, such that they are capable of withstanding severe applications and environment. This assurance of quality is evinced in the certifications received by the company, namely QS 9000—ISO/TS16949:2002 in December 1999–2002 and ISO/TS 16949:2002 in December 2003.
Ms Kolte pointed out that further impetus to RICO’s business came in the form of internet marketing.
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