Somany Home Innovation Ltd (SHIL) on Thursday said it is aiming to turn into a USD 1 billion company by 2030 and commission the maiden manufacturing plant by 2021.
A top SHIL official said it has acquired six acres of land in Hyderabad for India's "largest water heater plant" with a capacity of 6 lakh units a year.
"We aspire for USD 1 billion sales by 2030... We are expecting 12-14 per cent of our revenue from connected products by that time," SHIL CEO and Wholetime Director Rakesh Kaul said.
"Commercial production at the new plant is expected from August-September 2021," he said.
SHIL, a newly created corporate entity of HSIL Ltd, operates in the kitchen appliances, water heaters, air purifers and fans segments.
Kaul said SHIL does not foresee any supply disruption, despite sourcing some of its products from 15 plants in China, the epicentre of the coronavirus outbreak.
More From This Section
"If the coronavirus issue does not aggravate further, we don't see much of a problem," Kaul said, speaking on the sidelines of its foray into fans under the brand 'snowcrest'.
The company is targeting a turnover of around Rs 530- 535 crore in the current fiscal, growing at nearly 30-40 per cent.