Blue Star aims a market share of 12 percent in the room air conditioners market by financial year 2016-17 in terms of value, a top company official said today.
"The company intends to continue its aggressive thrust in the room air conditioners market and aims to gain a market share of 12 percent in financial year 2016-17 in terms of value," Blue Star Executive Director and President (AC&R Products Business), B Thiagarajan, told reporters here.
"The room air conditioners market in India grew by 10 percent in the current financial year, while Blue Star grew by 20 percent," he said, adding that Blue Star currently has 10 percent value share in the segment.
"We hope to achieve a market share of 12 percent in FY17." The market for room air conditioners is expected to grow by around 15 percent in FY17, he said.
"The company, which currently has five manufacturing facilities, would set up two more manufacturing units, one in Jammu and the other at Sri City near Tada in Andhra Pradesh, by investing Rs 215 crore, Thiagarajan said.
"The Jammu facility would be commissioned by March, 2017, while the Sri City unit is expected to get commissioned by March, 2018," he said.
The company plans to invest about Rs 40 crore in marketing in the forthcoming summer season and Rs 30 crore in new product development as well as its research and development initiatives in FY17, he added.
"The company has 70 exclusive product stores in the country and plans to increase it to 100 stores by the end of FY17. The first Blue Star Platinum Store, with display of the company's entire product range, would open in New Delhi this year," Thiagarajan said.
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