Bambolim, Goa: Consumer appliances and electronic goods maker Haier plans to set up a new plant in north India entailing an investment of Rs100 crore to meet its growing demand, and is mulling over a third one for south region after 5 to 6 years.

After completing its ongoing $20 million (around Rs120 crore) expansion at the Pune plant by May 2015, Haier would start work on the proposed new new plant.

“We are planning for a new manufacturing plant in the northern region. We would take up this new project after May 2015 when we would finish our expansion plan in Pune," Haier India president Eric Braganza told PTI.

When asked about the investments planned for the new project, Braganza said the company would invest Rs100 crore but was yet to find a new location for it.

“We have not decided on any location in north. It would depend on the what kind of incentives we are going to get and what would be the government’s policy at that time," he said, adding that the new proposed plant would manufacture washing machines and air conditioners.

“Logistically India is a huge market and when you expand, you need at least three plants to meet the demand," he said.

Commenting on the future plans for India, he said the company may also consider having a third plant for the southern market after 5-6 years.

Haier India, which has completed 10 years in India, is now aiming to have a turnover of Rs2,000 crore by the end of this fiscal on the back of robust sales of refrigerator, washing machines and air conditioners.

“This year we aim to have a business of Rs2,000 crore with a growth of 33%. Last year, the company had a turnover of Rs1,503 crore," he added. Moreover, Haier is also aiming to be among the top three appliances maker in the next five year, he said.

“We are aiming to be among the top three appliances maker in next five years by launching India specific products," Braganza said, adding, in the next five years, Haier would be around Rs8,000 crore entity in the durables market in India.

The company manufactures washing machines and refrigerators at its Pune plant and would soon start producing some models of flat panels in India. Haier India managing director Song Yunjun said: “In a rising market like India, it is heartening to experience the commendable growth Haier has achieved over the decade."

The company on Tuesday introduced 71 products in four categories—washing machines, refrigerators, air conditioner and panels—under its ‘i-age’.

Haier India is a 100% subsidiary of Haier group and started manufacturing in India by acquiring a 40-acre plant at Ranjangoan at Pune in 2007. PTI