Whirlpool lines up Rs 80cr for new products

Whirlpool of India, a subsidiary of global home appliances major Whirlpool Corporation, has lined up investments to the tune of $20 million (around Rs 80 crore) for introduction of new products over the next 18 months.

The company has also earmarked Rs 70 crore towards advertising and market spend for the current year.

According to vice-president - marketing, Shantanu Das Gupta, Whirlpool is targeting to become the Indian market leader in the refrigerator category.

At present, the company has a 25 per cent share in the refrigerator market, about 4.5 per cent less than that of LG Electronics India, the current market leader.

"We are certainly looking for a leadership position in the refrigeration segment," he told mediapersons adding that the newly launched 'Mastermind' range of refrigerators would further strengthen the company's foothold in the category during 2007.

Apart from Mastermind refrigerators, the company launched 'Sensation Neo' washing machines and 'MagiCool' air-conditioners here on Thursday. It expects to notch up a 27 per cent market share in the refrigerator category, 20 per cent in the washing machine category and 10 per cent in the air-conditioner category in the country this year.

The company, which had incurred losses in the past, expects to turn around and become profitable by 2008. The company's operating profit for April-December 2006 stood at Rs 44 crore. Gross sales during the period stood at Rs 1,300 crore.