Haier India eyes trebling revenue to Rs 6,500 crore by 2020

Company is expecting to close the year with over Rs 2,000 crore revenue, has invested Rs 490 crore to expand capacity

Consumer appliances and electronic goods maker Haier India is looking to treble its revenue to Rs 6,500 crore by 2020 on the back on increased manufacturing and increased penetration of consumer goods in the country.

"By 2020, we are looking at being a $1 billion company. Our turnover will be close to Rs 6,500 crore. There is no reason why we should not go close to this number that we are targeting. We will also have our higher production capacity in place," Haier India president Eric Braganza told Press Trust of India.

He further said: "Penetration levels (of consumer goods) in India are not very high, we estimate that our industry and market will keep growing, by 2020 the market should be at least 30 to 40% bigger as compared to what it is today."

Haier India, which is expecting to close the year with over Rs 2,000 crore revenue, has invested Rs 490 crore to expand capacity at its existing manufacturing facility at Ranjangaon near Pune.

"We have invested Rs 490 crore at our plant at Ranjangaon Pune to double capacity of refrigerator production and make new products too. We had to increase the production capacity due to the growth in the sales, therefore we had to build up additional manufacturing facility in India," he said.

Earlier the company was only making refrigerators at the plant. Now it will also make washing machines, ACs, TV panels and water heaters.

Haier India, a 100% subsidiary of China's Haier Group, began operations in 2004 and started manufacturing in India by acquiring a 40-acre plant at Ranjangoan in 2007.