Radiant Appliances and Electronics has opened a LED TV sets manufacturing unit here, expanding its production capacity to 4.5 million units a year from the current 2.1 million units. The firm which manufactured 5 million LED TV sets in two years despite supply chain challenges posed during the pandemic, has invested ₹100 crore to expand its capacity.
Raminder Singh Soin, Managing Director, Radiant Appliances and Electronics, said the TV market has been growing significantly in the country, particularly during and after the pandemic.
The size of the market has grown to 12.5 million units a year currently, from about 1 million units a year about 15-20 years ago. “ Sales have gone up during and after the pandemic. The growth rate has gone to 5-10 per cent as against 3-5 per cent two years ago,” he told BusinessLine.
He attributed the growth to the value-added services that Smart TVs were offering to the consumers. “It used to be just about watching a movie or a match. Now, you get access to the Internet and OTT platforms,” he said.
Stating that domestic brands were hit over a period of time, he said that the company was trying to bring back the supply chain ecosystem. “ Currently, only 10-15 per cent of the parts are being sourced from India. This will go up to 25-40 per cent in the next few months,” he said.
“We are constantly working on indigenisation, and working closely with local vendors to develop a robust eco-system for strengthening and promoting ancillaries,” he said
Addressing a gathering after inaugurating the plant, Telangana IT and Industries Minister KT Rama Rao said that the expansion brought in about 1,000 jobs.
Radiant Appliances & Electronics, which has technical collaboration with Skyworth, caters to over 15 Indian and MNC brands. It meets about 25 per cent of the demand in the country.