BackHavells to invest Rs700-800 mn in home appliances
Havells to invest Rs700-800 mn in home appliances
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New Delhi: Electrical components maker Havells India plans to invest Rs700-800 million over the next two-three years in marketing, research and development of its new home appliances product line, a top official said on Tuesday.
The company plans to start selling the products from next month, but those will be manufactured by its sourcing partners in India and China, Anil Gupta, joint managing director, told Reuters.
“There will be four product lines - juicer, mixer, grinder, electric iron, cooking and brewing," Gupta said.
He said the company plans to gain a 20% market share in premium home appliances in the next two years. Premium appliances comprise about a fifth of the Rs5,200 crore home appliances market in India, Gupta said.
The Economic Times newspaper on Wednesday reported the company plans to foray into the home appliances market.
Havells shares, valued at about Rs5,200 crore, were up about 2.7% at Rs420.50 on the National Stock Exchange.
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