New Delhi: Aiming the top position in the home appliances segment, Whirpool India will invest up to Rs 160 crore for intensifying operations in the next one and half years.
“We are just a whisker away from our closest competitor LG in the home appliances market. Now we are aiming for the number one position and plan to fill the existing gap with new products and aggressive marketing,” Whirlpool India Marketing Vice President Shantanu Das Gupta said.
He said the company would invest between $15-20 mn(approx.Rs 90 crore) in next 12-18 months in production and Rs 70 crore on advertising and marketing this year.
The proposed investment of Rs 90 crore would be made for ramping up capacities in existing production facilities at Faridabad, Pune and Pondicherry and the company does not plan any new unit in near future.
Whirlpool India, which had incurred losses in the past expects to turn around and become profitable by 2008, he said.
“The company’s operating profit has increased considerably form just Rs 2 crore for the period of April-December 2006 to Rs 44 crore for the same period in this fiscal and net profit will be achieved by 2008,” he said.
Now Whirpool is focusing on sustainable growth in the next year and announced multi category expansion and unveiled four new products including new frost free refrigerator, washing machine, air conditioner and clothes dryer.
Whirpool grew at 19% in the last fiscal and is looking at an overall growth of 20-25% in the next financial year. Its turnover stood at Rs 1,245 crore for April-Dec 2006.