Aiming the top position in the home appliances segment, Whirpool India will invest up to Rs 160 crore (Rs 1.6 billion) for intensifying operations in the next one and half years.
"We are just a whisker away from our closest competitor LG in 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.
The company would invest between $15-20 million (approximately Rs 90 crore or Rs 900 million) in 12 to 18 months in production and another Rs 70 crore (Rs 700 million) 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
"The company's operating profit has increased considerably form just Rs 2 crore (Rs 20 million) for the period of April-December 2006 to Rs 44 crore (Rs 440 million) for the same period in this fiscal and net profit will be achieved by 2008," Das Gupta said.
Now Whirpool is focussing 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 per cent in the last fiscal and is looking at an overall growth of around 20-25 per cent in the next financial year. Its turnover stood at Rs 1,245 crore (Rs 12.45 billion) for April-Dec 2006.
