Companies

Goldmedal Electricals to set up Rs 125 cr plant in Hyderabad

Our Bureau Hyderabad | Updated on August 08, 2019 Published on August 08, 2019

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.

Published on August 08, 2019
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