Samsung India to invest $20 mn in 2009

Samsung India Electronics is planning to invest $20 million (around Rs 100 crore) in 2009 to support its turnover target of $2 billion (around Rs 10,000 crore) for the current calendar year. The company also said it would double its export in 2009 to Rs 1,200 crore.

Speaking to reporters after launching company's new range of fully Automatic Washing machines today at Chennai, R Zutshi, Deputy MD Samsung India said that the proposed investment will be used to enhance it's Noida plant, near Delhi, to one million units from 0.6 million units.

Company also has a facility in Chennai with a capacity of 1.5 million units of televisions sets per annum. The company is now started manufacturing washing machines and set a target to produce 50,000 washing machines.

This would help company's target to sell eight lakh units of washing machines for the year 2009 as compared to six lakh units last year. Focus would be on the automatic machines. He noted last year Samsung sold 2.40 lakh units of fully automotive machines and had set a target for 3.6 lakh units in 2009.

According to Zutshi washing machines sales in the country is likely to touch 2.4 million in 2009 compared to 2.2 million in 2008. “While the industry is witnessing 10 per cent Samsung is expecting 31 per cent growth” he said.

Commenting on the exports Zutshi said export target for 2009 is Rs 1,200 crore as compared to Rs 550 crore in 2008. Currently the company exports washing machines and refrigerators to SAARC countries.

Meanwhile the company had launched new range of models of washing machines which are fully automatic machines in Chennai today. This include seven new models of front loading and 12 new top loading fully automatic washing machines models. With the introduction of these new models, the company has a lineup of 30 washing machines.