Haier aims to become second-largest appliances marker in India; expanding portfolio and capacity
Haier is «buoyant» about the fast-growing Indian market where it aims to become the second largest player in the next five years, with increased investments in manufacturing and product portfolio expansion, the company's India President N Satish said on Wednesday. Haier Appliances India, a part of the Chinese multinational Haier Group, is investing around Rs 800 crore on capacity expansion here this year, and has also lined up future expansion plans, he said.
The company is also increasing indigenisation, which is a key «thrust area» for the company, where it expects local souring to contribute up to 80 per cent across products in next two years.
Haier India is also increasing exports from its Indian operations to other countries and is scouting for new markets in the Middle East and African countries, besides expanding its retail business in the domestic markets.
Haier India, which is growing with a 25 per cent CAGR (Compound Annual Growth Rate) for the last six years, expects to close this fiscal with a topline of Rs 8,500 crore and expects to touch the Rs 10,000 crore-mark in FY25.
«Last fiscal, we closed at around Rs 7,000 crores and our expectation this year is to do Rs 8,500 crore and next fiscal year is Rs 10,000 crore,» Satish told PTI.
India is the third largest market for Haier Group globally, after China and the US. The company operates in the country with two manufacturing units at Pune, Maharashtra and at Greater Noida in Uttar Pradesh.
«We are very buoyant about the Indian market. The overall
