15 April, 2010

Haier to start making AC, washing machines in India

Chinese consumer durables player Haier today said it will start manufacturing air conditioners and washing machines in India and it looks to expand product basket and clock a turnover of about Rs 3,000 crore by 2012. The company's Indian subsidiary, Haier India, is in the process of investing Rs 100 crore to set up a new line at its Pune facility to start producing air conditioners and washing machines by the year-end. It will also provide additional capacity to produce refrigerators at the plant.
"We have registered a robust growth of 216 per cent in the first quarter of this year. So going by this growth, we can expect our revenue to jump to Rs 1,000 crore by the end of this year," Haier Appliances India President Eric Briganza said.In the last few months, it has established network of around 4,500 dealers across the country.

The company clocked a revenue of Rs 350 crore in 2009, their long term plan is that by 2011, they hope to achieve a growth of around 100 per cent, while by 2012 their target is to have a 50 per cent growth. Haier currently has two exclusive flagship stores. It is planning to open 10 more stores by this month. The company said it will step up its branding and marketing activities and has earmarked an investment of Rs 50 crore on it for this year.