Chennai, Sep 13 (IANS): Compressor major Elgi Equipments Ltd is hoping to log 15 per cent growth this fiscal and has launched a SIM-based Internet of Things (IOT) service that informs its customers on strategic, analytical and operational data about their compressors, said a senior official here on Wednesday.

"We are targeting a 15 per cent growth in business this fiscal. We are now getting active enquiries from several foreign companies having their plants here. Earlier, this segment of corporates were interested in buying brands used in their overseas plants," Anvar Jay Varadaraj, Head of Marketing, said.

Varadaraj was here to launch the company's new free service called 'Air Alert'.

He said the SIM-based IOT initiative would track multiple parameters within a compressor, such as operating temperature, pressure, and energy consumed.

According to Varadaraj, while the service will enable the Elgi Equipments customers to have their machines running at optimum power consumption levels, the data generated would enable the company in product development.

Queried about the savings the company would generate by reduced warranty claims due to early warning signals given by Air Alert, Varadaraj said the data is yet not available.

"By the year-end, we hope to have this service on around 500 compressors. This will give us the necessary data on warranty claims," Varadaraj said.

According to him, the service will be made available to their existing customers who have a compressors compatible for their alert service and new customers.