On the back of new product launches across various categories and rising disposable income, Samsung India is targeting growth of 30 per cent in turnover in 2008 from $1.3 billion in 2007.
The company plans to double its exports to the South Asian Association for Regional Cooperation (Saarc) countries to Rs 400 crore this year.
The company will invest Rs 40 crore to expand its production facilities and set up a new washing machine line.
The company, which today launched the Freshtech range of frost-free refrigerators along with the Direct Cool range, aims at selling 1.2 million units with a 51 per cent increase in its frost-free refrigerator volumes to grab a 27.5 per cent market share.
“The growth will be driven by new models,” Deputy Managing Director Ravinder Zutshi said.
“We expect our frost-free range to contribute around 46 per cent of our total refrigerator volumes this year.”
To meet the growth plans, the company has enhanced its refrigerator manufacturing capacity at its Noida plant from 0.8 million units to 1.4 million units a year.
Samsung has also come out with a high-end convection microwave range and is targeting an 18 per cent market share by selling 2,25,000 units in 2008.
Samsung had recently raised prices for some products because of rising steel and copper prices, and Zutshi said there would not be any further increase “immediately”.