Onida to invest Rs 400 cr in green field facility in Mah

Has set a target to increase turnover to Rs 2,000 cr by 2014 from Rs 1,600 cr

The consumer durable and electronics major Onida is planning to set up a manufacturing facility in Maharastra to produce air conditioners. The new facility will attract an investment of around Rs 400 crore.

Speaking to reporters after launching new range of SMART Inverter Air Conditioners in Chennai today G L Mirchandi, chairman, Mirc Electronics Ltd, which owns Onida brand said that the new facility will be for airconditioners and will attract investment of Rs 400 crore.

Vipul Mathur, vice president-marketing, Mirc Electronics added that the company will look at manufacturing washing machines and also home appliances.

Capacity to manufacture air conditioners will be one million, he added.

The Maharastra facility will be the fourth facility for the company in India.

Meanwhile the company has set a target to increase its turnover to Rs 2,000 crore by 2014 from Rs 1,600 crore now.

The airconditioner business contributes around Rs 500 crore and electronics (including TVs) is around Rs 1000 crore and Rs 125 crore by washing machine business.

With the new launches today, the company is looking at increasing its market share to 18% this year in split ACs and have a growth plan of over 50% in this year.

The company has lined up investment of around Rs 50 crore in advertising this year.