Havells is planning to invest in the air conditioners segment and research and development (R&D) centre with focus on Internet of things (IoT)
Consumer electronics company Havells India has planned to invest around Rs 1,500 crore across business segments to boost its market share. The company has made a five-year investment plan to accelerate the overall business in the country’s consumer appliances market.
AC production facility
The company will invest Rs 360 crore in its air conditioner business. It will set up a manufacturing facility under the brand called Lloyd, which it acquired in 2017. The facility will be functional from March 2019 in Ghilot, Rajasthan. Anil Rai Gupta, Chairman and Managing Director, Havells, is planning to produce around six lakh units per year initially.
This facility will add on to the company’s existing 12 manufacturing facilities across Rajasthan, Haridwar, Faridabad, Shahibabad, Baddi and Guwahati.
Havells is also planning to expand its research and development (R&D) centre in Bengaluru. The centre is looking to hire at least 100 engineers and researchers to work on internet of things (IoT) applications.
The company, reportedly, is planning to infuse Rs 1,000 crore in lighting, motors & pumps, consumer products, industrial segment, geysers, ACs and many more in the next four years.
The consumer appliances major has been spending up to Rs 1,000 crore in the past three years. It has witnessed about a 30 per cent growth in the Telangana and Andhra Pradesh markets. Its products are available in around 1,000 leading stores in the two states and the company is planning to increase it by 20 per cent. The overall exports have also been growing over the years with 15 per cent turnover.