UK-based consumer durables giant Dyson plans to set up retail stores and research and development (R&D) facilities in India.
"We want to invest 150 million pounds (Rs 1,250 crore) over five years in India and (retail) shops would be an important part of that," James Dyson, Chief Engineer and Chairman of the company told visiting reporters during an interaction here.
Dyson said the company would set up 20 stores initially in major cities. "I may not include any particular geography, but it will be a national launch, also online," said James.
"Shops are a very important part. We are doing that all over the world. In India, I think we'll be making a special push on that. We can have some Indian stylish retail stores like we have in the rest of the world," he added.
According to a company statement, Dyson spends seven million pounds a week on R&D and is the UK's largest investor in robotics. "My guess is we would open an R&D centre before a manufacturing plant in India," said James.
The portfolio of the company -- which was founded by James Dyson in 1993 -- started out with "cyclonic vacuum cleaners", and has grown over years to include products like battery-enabled and autonomous vacuum cleaners, hand dryers, lighting, heating and cooling fans, humidifiers, air purifiers and hair dryers.
The products are exported from the UK and sold in 75 markets globally.
In November 2016, the founder had expressed hopes of launching the products in India by mid-2017. "We have not got the licence yet," said James. The company also has plans to enter Brazil's market.
When asked about the kind of market share he expects in India, he said: "I never answer that question because I always think it's an arrogant thing to say that we are going to have 10 per cent or 20 per cent market share.
"I have got no idea," he added.
"We just make what we make. We will share (the products) in the best possible way to the people in India and it's up to the country how we do (business) then," James said.
According to market research institute GFK, Dyson is one of the fastest growing companies in Europe.
Over 90 per cent of Dyson technology is exported from the UK. The US and Japan are Dyson's largest markets and Asia is the fastest growing region, with China growing at 500 per cent, the company statement added.
"China is becoming the second largest market after the US for Dyson," James said.
Headquartered in Malmesbury, Dyson holds 7,500 patents worldwide and is focused on combining hardware, software and algorithms to make intelligent machines.
"We are technology driven, not market-driven. What we love doing is developing technology," James added.
(Porisma P. Gogoi was in Malmesbury at the invitation of Dyson. She can be contacted at firstname.lastname@example.org)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)