To expedite plans for a growing product portfolio and sales network, Haier India is investing Rs 1,500 crore in the facility's second phase of expansion in Greater Noida. By 2025, the project is supposed to be finished.
The consumer durables company will build an injection moulding facility, a PCB plant, and is actively considering building a compressor plant for its cooling goods division. The current capacity of one million household air conditioning units will be doubled, according to Haier. Similar to how the production of washing machines will increase from its existing 1.5 million unit capacity.
With this, the plant in Greater Noida would be positioned as a hub for both the local market and exports to Sri Lanka, Nepal and Bangladesh.
The ultimate goal is to achieve a 33 percent growth in turnover to Rs 8,000 crore in 2023. The current investment is a part of Haier India's earlier investment promise of around Rs 3,100 crore.
The company's air conditioners (AC) division, which also serves as a growth engine for flat panels, refrigerators, and washing machines, is its main source of revenue. By utilising technology that support backward integration and manufacturing, it will eventually investigate related markets including commercial air conditioning and cold chain solutions.
Additionally, the business is attempting to increase localization of the products by funding the ecosystem of component manufacturers for better efficiency and quality assurance.