Haier India aims for 33% turnover growth this year, plans to invest Rs 1500 crore by 2025

Haier India plans for a 33 per cent growth in turnover to Rs 8,000 crore in 2023, helped by the expansion of its product portfolio and sales network and premiumization, said company's President Satish NS.

Consumer durables firm Haier India is investing Rs 1,500 crore in the second phase of expansion at its Greater Noida facility, mostly on the backward integration. The Company expects to complete the project by 2025, which will in turn help it increase the localization of the components.

This investment is part of Company's earlier commitment to invest around Rs 3,100 crore. At the Greater Noida facility, Haier India manufactures refrigerators and washing machines, and in the next phase, it would have an injection molding facility and a PCB plant. It is also mulling a compressor plant in JV for its cooling products business here.

 "From here we cater to domestic and export to neighboring markets such as Sri Lanka, Nepal and Bangladesh. Going forward, the idea is to build it a hub for the domestic market and exports," said President Satish.