Comments
Goldmedal Electricals, a manufacturer of fast moving electrical goods, is planning to set up a manufacturing facility in Hyderabad.
``The new facility will be for making fans and appliances. The investment will be to the tune of Rs 125 crore,’’ Kishan Jain, Director told newspersons at a press conference held here on Thursday.
The process of land-acquisition is on and the plant will be operational over next two years, he said. The proposed facility in Hyderabad will be fourth plant of the Mumbai-based company after the existing units at Bhiwadi, Vijaywada, and Mumbai.
With presence in 22 States, Goldmedal has a higher share of its business in southern markets and has been eyeing Pan Indian presence with commencing operations in seven states in the last two years.
``Our turnover is Rs 1400 crore with a 12 per cent net profit during the financial year 2018. As we have been growing at over 40 per cent per annum. our target is to achieve Rs 2000 crore by the next financial year,’’ Jain said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.