Venus Home appliances eyes 16% growth in water-heater biz

Home appliances manufacturer Venus was eyeing to grow 16 per cent in financial year 2017-18 in the back drop of introducing new products and by entering into newer overseas market, a company official said here today.
"In water heater business, we grew by 15-16 per cent in FY16-17. Though the water heater business was dull due to demonetisation, we grew by 15-16 per cent. This year our plan is to grow at same 15-16 per cent", Venus Home Appliances, Director, I Ram Kumar told PTI.
The company, which has manufacturing facilities in Tuticorin would introduce new range of models in water heater business during the financial year 2017-18.

"In the last five years, we grew in overseas market as well. This year we will also look at entering newer geographies", he said.
The company exports water heaters to SAARC countries, Middle East, African markets. "We are seeing some traction in African market. This year we will be looking at entering newer (overseas) markets" he said.
Kumar and senior company officials were here to announce the company's foray in fan business by launch of 65 models.

"We are aggressive in our plans. Right now the fans are manufactured through contract manufacturing. It is done across India. In future, we may look for setting up our own plant", he said.

Elaborating, he said, "two years down the line we may look for setting up new plant for manufacturing fans".
"In our existing facility in Tuticorin, we have space available to manufacture the fans. So, when we look for manufacturing we may look at the existing facility itself", he said.
With introduction of 65 new models, Venus Home appliances has pegged to garner five per cent market share in the Rs 6,500 crore fan market in India.