Consumer durables firm Haier India today said it expects to double revenue from its refrigerator business to around Rs 650 crore this year with more products being introduced into the market.
The company, which today launched a range of frost free refrigerators in India, said it plans to sell around 7 lakh units this year as against 3.9 lakh in 2010.
"We expect a 100 per cent jump in our refrigerator sales this year...In value terms, we expect the segment will generate a sales of Rs 600-650 crore this year," Haier India President Eric Braganza told PTI.Also read: Rate hikes will see consumer durables soften, says Credit Suisse
He said the company has expanded its distribution network across the country and strengthened its product range.
"We are launching the frost free range for the first time in India. This year, we have also expanded our network, reached out to more cities and towns. Besides, we have launched new range," he said.
The new 'Elegante Series' of frost free refrigerators are available in the price range of Rs 17,690 and Rs 26,690 for various capacities ranging from 245 litres to 340 litres. The company said it has been launched targeting primarily Tier I and Tier II cities.
At present, refrigerator contributes about 50 per cent to the company's overall business in India. This year, the Chinese firm is targeting a turnover of over Rs 1,700 crore as against Rs 825 crore achieved in 2010.