Haier Appliances (India) P Ltd, a 100 per cent subsidiary of the $9.2-billion Haier Group of China, has planned to capture a 10 per cent share of the market for CTVs in India by 2008.
Powered by a strategic combination of India-centric model line-ups and large dealer network (to touch a figure of 3,000 by March 31, 2005) throughout the country, the company expects to achieve a turnover of $700 million (Rs 4,140 cr) by 2008, and close to a $1 billion by 2010. The group also plans to set up manufacturing facilities in India, which eventually would be leveraged as a sourcing base for South Asia, West Asia and Africa.
Talking to newspersons here on Sunday, prior to the launch of the company's wide range of CTVs, DVDs and home theatres in eastern India, in the second phase, Mr T.K. Banerjee, President & CEO of the India outfit, said an R&D facility, 17th in the world for Haier, would also come up in India (location not yet decided) to focus on development of India-centric products.
The process is expected to begin from early 2005. He said this was being done so that the work, which was at present being done overseas, can be shifted to India. The company has already launched its range of home appliances in early 2004 in the northern region.