Haier Appliances to Invest Rs. 1,000 Cr. for New AC Plant in Noida
Haier Appliances India Pvt. Ltd. will be investing Rs. 1,000 crore for setting up new Air Conditioners (ACs) production plant in Noida.
Haier Appliances’ New Plant: 2.5 Million AC Units Annual Capacity
Haier Appliances India’s upcoming plant in Noida will have a capacity of manufacturing about 2.5 Million Units (MUs) of ACs every year.
This upcoming plant of Haier Appliances will increase the company’s annual manufacturing capacity to 4 MUs from the current capacity of manufacturing 1.5 MUs of ACs every year. The company expected that this plant will generate job opportunities for about 3,500 people.
Haier Appliances’s upcoming plant is expected to be completed by 2026.
Commenting on Haier’s AC market share in India, Mr. N.S. Satish, President of Haier India, said “We feel that the market will further grow. Last year, we increased our market share by 2%, and we expect to grow it further this year”.
Haier Appliances to Set up Kitchen Appliances Plant in Southern India
Apart from Haier India’s plant in Noida, the company will also set up a plant in Southern India. This plant will focus on the production of kitchen appliances and premium products across different categories.
However, the company did not specify any financial details of this upcoming plant. Mr. Satish mentioned that the investment amount of the upcoming plant in Southern India would be “similar in size and capacity to what we have currently in the Noida Industrial Park”.
India’s Growing Role in Haier Group’s Global Market
India is currently Haier Group’s fourth-largest market, with Mr. Satish anticipating it will rise to among the top three global markets within the next 4 to 5 years.
In FY-24, Haier Appliances India reported a revenue of Rs. 8,900 crore, reflecting a 36% growth compared to FY-23. For FY-25, the company expects its revenue to surpass the Rs. 11,500 crore mark.
About Haier Appliances India Pvt. Ltd.: Haier Appliances India Private Limited (Haier India), is a subsidiary of Haier Singapore Investment Holding Pte. Ltd. Haier Appliances India, headquartered in Okhla, New Delhi, was established in 2003. The company’s product portfolio includes refrigerators, air conditioners, washing machines, LED TVs, water heaters, deep freezers, and other appliances.