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Midea to introduce Toshiba brand home appliances in India

Press Trust of India  |  New Delhi 

Chinese Group will introduce brand home appliances in Indian market, and is setting up a plant to produce them locally, a top said.

Midea, which owns around 80 per cent stake in Lifestyle Products and (TLSC), will manufacture Toshiba-range of home appliance at its Ahmednagar, plant, where it is investing Rs 1,350 crore over the next five years.

Technology Park will have three manufacturing units for home appliances, HVAC products and compressors, and will also include a for India, a 60:40 joint venture between Midea and

"The factory would go live in 1.5 years but the interesting fact is, there is one of the factories in the complex, that will make brand products, which we intend to launch in in due course.

"The would make home appliances such as washing machine, refrigerators, water purifier, water heater etc. This would in a phased manner and we would be launching more products in ... bulk of the volume would be manufactured here at this factory, which would go live in April 2020," Midea and Midea Group, told

It is planning to introduce Toshiba range of air purifier by diwali time frame this year.

On being asked whether Carrier Midea would use its existing sales network and channels for Toshiba here, he said: "We Would be creating our own independent unit for Toshiba brand products".

It will leverage some of the existing relationships to expand network.

"We would send developed, totally new platform for the Indian markets for Toshiba branded products for all categories," said.

In March 2016, had announced to transfer 80.1 per cent stake in TLSC, the home appliance arm of Toshiba, at a price of approximately USD 473 million.

"Presently, the company would have brand Carrier in the room Airconditioners, Midea full range from room Airconditioners to commercial Aircondition, home appliances amd Toshiba brand of appliances," Sachdev added.

In India, Carrier Midea is a joint venture between & Security (UTC CC&S) and Midea Group, and has rights to manufacture and sell Carrier and Midea brand air conditioners, Midea brand home appliances and Midea brand Commercial Air Conditioners in India.

The company declined to share the financial details for its India businesses.

"Over the last five years, we have significantly grown ahead of the market with a CAGR of about 25 per cent from last five years. Our outlook for the next three years is to increase more than 25 per cent because we are going to introduce some significant large appliances categories in addition to others small appliances category," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 18:20 IST