"The company plans to enhance investments on new product development, and research and design initiatives in order to continue to develop modern and sophisticated products competing with the best in the world," Blue Star said in a statement.
The consumer durables firm, however, did not elaborate on the quantum or timeframe of the investment.
"The room air-conditioners market in India has grown by about 20 per cent in terms of value during this fiscal so far, while we have outperformed the market growing 30 per cent, thereby increasing the market share," Blue Star Executive Director and President (AC&R Products Business) B Thiagarajan said.
"While the market for room air-conditioners is expected to grow by around 15 per cent in 2015-16, considering our track record of outperforming the market, we hope to achieve growth of 25 per cent and achieve a 10 per cent market share," Thiagarajan said.
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