Consumer durables maker Haier India has invested Rs 400 crore for the expansion of its Greater Noida plant.
The phase II expansion of the plant is scheduled to begin this month and will be completed by November 2024. The company will add 44,890 sq m to the 3,05,726 sq m plant.
The expansion, according to the company, will be focused on improving production capacity, backward integration, and the addition of a plant for injection moulding and sheet metal.
Haier India can currently produce one million air-conditioners, 1.5 million washing machines, and 3 million refrigerators annually at its plants in Greater Noida and Pune.
“With enhanced manufacturing capabilities and increased backward integration, we are confident in our ability to deliver exceptional products to our valued customers while contributing to the larger vision of a self-reliant India. Haier has successfully produced and delivered two million sets to consumers,” said Satish NS, President of Haier India.
In the phase one expansion of the Greater Noida plant, the company had invested Rs 1,600 crore to create a manufacturing unit for air-conditioners, washing machines, and refrigerators.
Haier India also targets Rs 10,000 crore turnover by the end of 2024. BusinessLine had earlier reported that the targeted turnover is in line with the expected revenue growth of 40 per cent and 30 per cent in 2023 and 2024, respectively.