Consumer appliances and electronics maker Haier has stepped up investments in the country, as it sharpens its focus on “Make in India” products.

The company had acquired a 40-acre manufacturing facility at Ranjangaon, Pune, in 2007. So far, it was manufacturing only refrigerators in India. The company has now added capabilities to manufacture washing machines, air-conditioners, water heaters and LED panels, besides enhanced capacity for refrigerators at the site.

Haier India President Eric Braganza said: “We had earlier earmarked about ₹490 crore for this expansion. But we realised we also needed to upgrade our older production lines and increased our overall investments to about ₹600 crore.

“India is one of the fastest growing markets for the company globally. The opening of this factory will not just scale up the production capacity but will also decrease the overall dependence on imports and simultaneously increase exports from India in the near future.”

Haier’s Industrial Park, which now has a total production capacity of 3.8 million units, was inaugurated by Maharashtra Chief Minister Devendra Fadnavis on Thursday.

The mid-price brand has been focused on wider distribution, higher marketing spends and new products. “With this new facility, nearly 75-80 per cent of our products will now be made in India and product imports will go down to 20-25 per cent,” he added.

The company is targeting revenues of $1 billion by 2020-21. “We are on track with our long-term goals. Our expanded manufacturing capabilities will go a long way in enabling us to achieve our targets. We expect to close 2017 with net revenues of about ₹2,300 crore, which will be an increase of about 47 per cent over 2016,” added Braganza.

The company also said that this expansion would help generate 2,000 new direct employment opportunities.

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