Home appliances maker Haier India eyes reducing its imports by almost half after the expansion of its existing facility at Ranjangaon near Pune by 2017.
The company currently imports around 35 per cent of its annual turnover of ₹1,750 crore.
“Currently, we are making refrigerators at our existing facility, while other products contract manufactured through third party original equipment manufacturers and some goods and raw material are imported. About 35 per cent of our turnover is imports. This will be reduced by 50 per cent after the expanded capacity goes on stream,” said Eric Braganza, President, Haier Appliances India.
The company plans to invest around ₹465 crore ($75 million) to increase capacity at the existing complex near Pune. While Haier looks to double the refrigerators capacity from one million units per annum to two million, it will also have additional capacity of 0.5 million units of air-conditioners, washing machines, LED TVs and water heaters. Manufacturing will begin from 2017 onwards.
Braganza mentioned that the company's turnover for January-December 2014 stood at ₹1,750 crore, which he expects to grow by around 28-30 per cent to ₹2,150 crore this year. Commenting on Gujarat market, he maintained that the same is likely to grow by 50 per cent to ₹160 crore.
Currently having five per cent share in the ₹40,000-45,000 crore consumer durable market in India, Haier looks to achieve a position in top 5 brands by sales in the next two years.