Consumer durables major Haier India will invest Rs 3,069 crore over 4 years to set up an industrial park at Greater Noida in Uttar Pradesh, Haier India President Eric Braganza told Moneycontrol.
The company has signed a memorandum of understanding (MoU) with the UP government for the project and will invest the corpus in two phases, Braganza said.
"This expansion will serve as an opportunity for vendors and original equipment manufacturers (OEMs), bringing about an expanded business with increased local production and lesser imports of products," he said.
Make in India
Braganza explained that Haier India is focused on the Indian government's 'Make in India' initiative. The company started manufacturing refrigerators in India in 2007 at its factory in Ranjangaon, Pune, and later expanded the facility to make it its first industrial park in the country with an investment of Rs 600 crore.
Inaugurated in November 2017, the factory has a capacity to produce 1.8 million units of refrigerators a year, and 0.5 million units each of other consumer durables like washing machines, air conditioners, LED television sets and water heaters.
To make the most of the festive season and winter, the company recently launched products across all categories, including refrigerators, washing machines, televisions and water heaters, Braganza said.
"To add to our customers' celebrations, we announced exciting consumer offers ranging from attractive assured gifts to easy finance options, from extended warranties to free installations across all categories," he said.
One of the new launches was that of a new range of water heaters. Braganza pointed out that these heaters come equipped with features like Haier's patented shockproof technology, and an 8-bar rated pressure system, among others.
In November, Haier India also inaugurated a smart home experience store in New Delhi that showcases some of its advanced Internet-of-Things (IoT)-based solutions.
"By introducing a wide range of innovation led products, we aim to meet the evolving choices and needs of our consumers," Braganza said.
That said, prevalent market conditions, like the rise in input costs and the depreciation of the rupee, have forced the company to increase prices of its products by 5-8 percent.
However, Haier India made sure that the price hike came into effect only after the festive season was over, since India tends to purchase consumer durables extensively during this period, Braganza said.