The Hindu Business Line : Haier buys out Anchor Daewoo appliance biz

Pune, Aug. 9 Haier Appliances India Pvt Ltd, a wholly owned subsidiary of the Haier Group, today signed an agreement to buy out the appliance business of Anchor Daewoo Industries Ltd.

The purchase agreement includes the acquisition of a facility at Ranjangaon where Haier is launching its first refrigerator manufacturing operations in India.

Spread over 40 acres of land, the plant currently has the capability to manufacture refrigerators, CTVs and washing machines. Haier is upgrading the facility with modern equipment to create a research & development facility for refrigerators.

Speaking about the company’s plans, Mr Pranay Dhabhai, Whole-Time Director and COO, Haier Appliances (India), said that the company would begin with the manufacture of refrigerators, and expects to utilise the existing installed capacity of 3,50,000 units in the next 12 months. The product range would comprise 22 models in seven capacities, he said, adding that subsequent expansion was also on the cards.

Haier India had an OEM arrangement with Anchor Daewoo, and had purchased 50,000 units from the latter in the last six months before opting to purchase the business. It posted sales of Rs 300 crore during the last calendar year and expects revenue of Rs 350 crore during this year, Mr Dhabhai said.

The facility is expected to have a headcount of over 500 people (including contract workers) and the company may look at recruiting more people in various capabilities as it commissions to its full capacity.

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