Financial Daily from THE HINDU group of publications
Sunday, Nov 30, 2003
Financial Daily from THE HINDU group of publications Sunday, Nov 30, 2003 |
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Corporate
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Outsourcing Morphy, Bajaj Electricals tie up for sourcing electric irons Our Bureau
Hyderabad , Nov. 29 MORPHY Richards, a leading domestic appliances brand in the UK, and part of the diversified $1.2-billion Glen Dimplex group, has drawn up plans to source some of the appliances made in India for the UK and South African markets, while simultaneously expanding its reach with a range of products across India. This will be through a tie-up with the Rs 500-crore Bajaj Electricals Ltd. Morphy Richards has entered into a tripartite agreement with a manufacturer located in Himachal Pradesh, and Bajaj Electricals, to produce a range of electric irons, which will be sold both within India and in the UK and South Africa. Likewise, the company plans to import goods from countries likeChina particularly microwaves. It expects a turnover of about Rs 12 crore to Rs 15 crore this fiscal, up from Rs 3 crore in five months last fiscal, according to Mr Vivek Sharma, Business Head in India. Addressing a press conference here on Saturday to announce the launch of its products in the Andhra Pradesh market, Mr Sharma said that the company, which currently has a presence in about 10 markets, plans to increase this to about 25 by the end of this year. Its brand products will be marketed and serviced by Bajaj Electricals, and some imported in the form of completely knocked down units and assembled here. Morphy Richards aims to tap the high-end of the domestic market appliances industry estimated at around Rs 100 crore. "We have teamed with some of the large format stores as also others to retail our products''. With the popularity of American style coffee bars rising, coffee makers are becoming essential. The Morphy Richards brand offers an all product range of coffee makers for the first time in the country. Additionally, in the international markets the brand also offers a wide range of innovative products such as breadmakers and food steamers.
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