Consumer goods maker Carrier Midea India today said it is planning to expand its offering in the kitchen appliances segment by bringing Midea’s products in the domestic market.
The company, a 40:60 JV between US-based Carrier Corporation and China’s G D Midea, sells water dispensers and microwave in India apart from its core presence in the air conditioners segment. It is looking to clock a turnover of Rs 1,000 crore in 2013.
“Currently we are evaluating kitchen appliances from Midea’s parent company which we can introduce in the Indian market. We will launch the kitchen appliances next year,” Carrier Midea India Managing Director Krishna Sachdev to PTI.
He said once the new kitchen appliances were launched, it would consider manufacturing it in India.
“Going forward before we can think of manufacturing the kitchen appliances in India, we will strengthen our distribution network,” Sachdev said.
Besides, he said the company is also looking to strengthen its core area of air conditioning.
“With combination of Carrier and Midea range of products in three to four years, we would have a dual brand strategy,” he said.
While Midea’s product range has been positioned in the mid to premium price segment, Carrier branded products are sold in the premium range.
The JV, which started its operation in 2012 is also looking at achieving break even by end of this year.
Carrier Midea so far has invested Rs 150 crore in India and plans to invest Rs 350 crore further in the next three to four years.
“We are aiming to clock sales turnover of Rs 1,000 crore by end of this year. Carrier Midea plans to become strong player and attain significant share in the market,” he said.
The company has a manufacturing plant at Bawal, Haryana with a production capacity of seven lakh units per annum and it could be expanded up to 10 lakh units.
“Current capacity of this plant is enough for the next two to three years. We would look at additional investments only after that,” he said.
Presently, Carrier Midea is manufacturing AC in India and imports rest of its product line.