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| Whirlpool to invest Rs 100 cr for development |
| Press Trust of India / New Delhi May 20, 2009, 16:10 IST |
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Home appliances maker Whirlpool will invest up to Rs 100 crore in the next two-three years on product development and diversification into new segments such water purifier and modular kitchen products.
"We will invest around Rs 30-35 crore per annum on product development. So, in the next three years, we will invest around Rs 100 crore on developing new products," Whirlpool of India Vice-President (Corporate Affairs and Strategy - Asia South) Shantanu Das Gupta told PTI.
The investments would be made in upgrading technology, adding features to existing models and in making changes in the production line, Gupta said.
"We will be strengthening our core business of washing machine and refrigerators at the same time, we are also entering into new businesses, including water purifier and modular kitchen products," he said.
Besides, expanding the product portfolio of its non-core segments such as water purifier, Whirlpool will also focus on in-built appliances.
The concept of in-built appliances is relatively new in India and the segment primarily consist of home appliance products such as dish washer and ovens that come as full package with modular kitchens, he said.
Gupta said the company is currently working with European kitchen brands like Veneta Cucine.
The company has around 22 per cent share in the total 4.6 million units per annum refrigerators market in the country and around 15 per cent share in 2 million units washing machine market.
"Now, the company is targeting a 20 per cent share in of the estimated 2 million units Indian washing machine market," Gupta said.
Banking on these initiatives, the company, which clocked a gross sales of Rs 2,021 crore in the last fiscal, is expecting a growth of around 10-12 per cent in the current fiscal.
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