New Delhi, Jan. 11
APPLIANCES manufacturer Polar Industries Ltd would make an investment of Rs 20 crore over the next two years to set up a manufacturing facility in Uttaranchal. The facility would manufacture the newly launched range of compact fluorescent lamps (CFL) as well as the appliances range of the company.
At present, the company gets its CFLs manufactured through a vendor with whom it has a technical and financial tie-up. The facility would start production of the CFLs by the end of the current year, said Mr Arun Tharan, Executive Director, Polar Industries.
The company on Wednesday formally announced the launch of its CFL business. The CFLs would be made available through a network of 20,000 retail outlets across the country. The CFL market is estimated at Rs 1,000 crore and growing at the rate of 50 per cent annually, according to the company. Polar targets a turnover of Rs 60 crore by the end of the year through the CFL business and a market share of 15 per cent in the next three years.
Speaking about the advantages of these lamps, Mr M.K. Rustagi, Director, Polar Industries, said: "The CFLs last 8-10 times longer than conventional lamps besides saving 70-80 per cent of electricity."