Haier India has grown by over 50 per cent in the first half this year and expects to close 2018 with net sales of about Rs 3,600 crore, a top official has said.
The Chinese appliances and electronic goods maker aims to be a USD 1 billion (Rs 6,900 crore) firm by 2020 in its "key market" India by continuing high double digit growth, he said.
Haier India president Eric Braganza said the company expects to be among the top five brands in its segment and is looking to be among the top three players within 2-3 years.
"We have grown in value terms by around 55 per cent in H1 (first half)," Braganza told PTI.
"We have already done business close to Rs 1,850 crore in H1 and expect this year to close around Rs 3,500 crore to Rs 3,600 crore," he added.
On being asked as to what led to such fast-paced growth, he said: "Its combination of various factors such as we delivered the good quality products which the Indian consumers want at reasonably price. We provided a wide range to chose from."
He added: "Our marketing and advertising has been very positive. We highlighted products and features and the Indian consumers understood that very well."
"We have reported 136 per cent growth in water heater as we have started local production here in Pune, 41 per cent in Micro Wave and 33 per cent in deep freezer," Braganza said, adding, "When April and May, every body was crying about the growth, we were flying."
"We are now aiming to be a billion dollar company in India by 2020 and be among top three durable maker," he said, adding that "presently India is among top 5 overseas market for Haier."
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