Haier Aims for 33% Growth in Turnover This Year

New Delhi: Consumer durables firm Haier India aims 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 premiumisation, said its President Satish NS.

Haier India is investing Rs 1,500 crore in the second phase of expansion at its Greater Noida facility, mostly on the backward integration and is expected to complete by 2025, which will in turn help it increase the localisation of the components.

This investment is part of Haier India’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 moulding 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 neighbouring markets such as Sri Lanka, Nepal and Bangladesh. Going forward, the idea is to build it a hub for the domestic market and exports,” Satish told newsmen.

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