After unveiling a range of water purifiers, he said, the residential water purifier market was valued at Rs 4,200 crore with a Compounded Annual Growth Rate (CAGR) of 15-20 per cent.
About 2.6 million units sold every year are electric RO, UV, RO+UV and its variants.
The company which forayed into the water purifier business in 2016 has expanded the range by adding 35 models in the electric devices category, with select models offering Immuno Boost technology.
"Since the entry into the residential water purifier business, Blue Star has made good progress in this segment. Blue Star is committed to make significant investments and wants this business to set a benchmark in terms of quality of products as well as customer service", Thiagarajan told reporters.
The company sold over 50,000 units of water purifiers, he said adding they have plans to consolidate in the segment with enhanced range of products and deeper distribution network during the current financial year.
He said the company was targeting to reach around 10 per cent market share in three years.
The company was currently test marketing range of commercial water purifiers to cater to the growing demand in offices, restaurants and other commercial establishments, he added.
For taking up advertising and sales promotion, Rs 35 crore has been earmarked during the current fiscal.
On expansion of retail network, he said, there were plans to increase the presence to over 3,500 outlets. Currently, Blue Star water purifiers were available in 125 towns with over 250 channel distributors including e-commerce portals and modern trade in over 2,000 retail points, Thiagarajan said.
The range of water purifiers unveiled today comprise nine series with price points varying from Rs 10,900 to Rs 44,900 in the RO range. In the UV range, it is from Rs 7,900 to Rs 8,900.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)