Voltbek Home Appliances, a joint venture between Tata's arm Voltas and Europe's leading consumer durables player Arcelik, on Thursday announced the opening of its first manufacturing facility in India.
Spread over 60 acres at Sanand industrial hub near Ahmedabad, the factory will manufacture home appliances like refrigerators and washing machines.
Backed by an investment of more than Rs 1,000 crore, Voltbek's Sanand factory is one of the first white goods appliances units in Gujarat that will create an original equipment manufacturer (OEM) base for home appliances in the region along with local employment opportunities.
Industry estimates suggest the consumer durables market in India is slated to grow at 10 to 12 per cent per annum. During the last 10 years, the Indian major domestic appliances market grew by nearly 9 per cent, surpassing the overall 3 per cent growth of the global white goodsmarket.
"We continue to see huge growth opportunities for consumer durables in the Indian market -- on its way to fast becoming a five trillion dollar economy," said Voltas Chairman Noel Tata.
Voltas Beko, will also produce direct cool refrigerators which are 80 per cent of the refrigerator market by volume. The facility will reach its annual production capacity of 25 lakh units by 2025.
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Arcelik Chief Executive Officer Hakan Bulgurlu said Beko is a leading global player in the home appliances industry. "With our global expertise and tailor-made innovations, we will continue to meet and exceed Indian customers' expectations."
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