Business Standard

Onida setting up new panel plant in Maharashtra


Press Trust of India Chennai
Consumer durables maker Onida is setting up a new plant for manufacturing television panels in Maharashtra at an investment of about USD two million, a top official said today.

The plant to come up at Wada, Palghar district in Maharashtra would engage in manufacturing panels for televisions and would have a capacity of producing "half a million units", MIRC Electronics Ltd Chairman and Managing Director, Gulu Mirchandani said.

MIRC Electronics are the promoters of Onida.

"We are putting up panel plant in Wada, Maharashtra. Investments will be about a million to USD two million", Mirchandani told reporters here.

To a query, he said, the capacity would be for "half a million" panels initially and factory was open to be used a "contract manufacturing unit" for other manufacturers.

Funds for the factory would be met through "internal accruals", he said, adding, the unit would be near air conditioner facility which is also present in the 57 acre land in Maharashtra.

Mirchandani and senior company officials were here to announce new range of air-conditioners priced from Rs 35,000 to Rs 84,000.

"Air conditioners penetration (in the country) is only six per cent. We expect 25 per cent growth in 2018-19", he said.

Onida currently holds a market share of eight per cent in the split air-conditioners segment.

According to him, the revenue from air-conditioner business was around Rs 350-Rs 400 crore.

The domestic air conditioner industry was around 5.5 million units of which 90 per cent sales was contributed from split air-conditioners.

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First Published: Jan 29 2018 | 6:45 PM IST

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