Hintastica Private Limited (HPL), a 50:50 joint venture between Hindware Home Innovation Limited and Groupe Atlantic of France, has begun commercial production of heating appliances from its manufacturing facility Jadcherla, which is 90 km from Hyderabad.
The 5.7-acre plant, set with an investment of ₹210 crore, can produce 6 lakh units a year.
“We are looking at full utilisation of the capacity in 2.5 years. We will then increase the capacity by 50 per cent by investing another ₹150 crore,” said Sandip Somany, Chairman, Hindware Home Innovation Limited.
Addressing a press conference here on Thursday, he said the JV would sell about 70 per cent of the heating appliances in India, with the remaining 30 per cent going to SAARC and some other markets served by Groupe Atlantic. The facility manufactures a range of 90 heating appliances, including ‘Kweik’ a portable heater, at the plant.
Quoting surveys, Somany said the company ranks sixth in the ₹2,300 crore water heater market in India. “With production commencing from the new plant, we would like to move up to the third slot,” he said.
The water heater market in India is expected to touch the ₹6,000 crore market by 2032, owing to an increase in the adoption of personal electric water heaters, rising disposable incomes, and rapid urbanisation.
More jobs
Pierre-Louis François, Chief Executive Officer of Groupe Atlantic, said that the €3-billion French company had 31 production sites in different parts of the world. “We target to increase our revenues by 2.5 times in the next 10 years and add 7,150 jobs,” he said.
Somany said Hindware has nine plants in Telangana, catering to the company’s different product segments. “We have invested ₹600 crore in the last 18 months,” he added.