Consumer electrical goods and appliances maker Havells India is looking to strengthen its product portfolio by foraying into refrigerators segment under Lloyd brand.
The consumer durable brand Lloyd, which was acquired by Havells around two years back, currently has home appliances such as washing machines, air conditioners, LED TVs and deep freezers.
According to Anil Rai Gupta, Chairman and Managing Director, Havells India, its foray into refrigerators would help make Lloyd a complete consumer durable brand.
“We already have presence in TVs, washing machines and will introduce refrigerators soon and action for the same has commenced. With this, we will cover the entire ₹60,000-crore consumer durable market,” Gupta told newspersons at the launch of Grande Series of ACs here on Monday.
Investments
The company has also earmarked investment of ₹1,000 crore over the next few years to strengthen its product portfolio and enhance its manufacturing facilities. Of this, nearly ₹400 crore will go towards setting up of a greenfield unit for Lloyd air-conditioners in Rajasthan. The AC plant is expected to commence commercial production in a couple of months with a capacity to produce 6 lakh ACs a year.
The remaining ₹600 crore will be spent on brownfield expansions in several Havells India plants across the country. This apart, the company will also invest close to ₹400 crore on brand building exercise. The funding for both greenfield and brownfield projects would be through internal accruals.
Havells India is expecting to achieve a turnover of close to ₹10,000 crore by March 2019, as against ₹8,260 crore last year, a growth of over 20 per cent. It expects Lloyd to contribute to 20 per cent of its turnover of around ₹10,000 crore by March 2019.