Haier targets $2B sales in India, to invest ₹1,000 Cr in manufacturing

Haier Appliances India hopes to become a USD 2-billion sales company in the next 3-4 years, driven by high double-digit growth on the back of expansion in products and channels, said the official. The home appliances maker has invested over Rs 1,000 crore for setting up new AC Production and Injection Molding Units between 2024 and 2028. Already, it has invested Rs 2,400 crore in its plants at Pune and Greater Noida.

"Currently we have a capacity of 1.5 million. However, the way the AC market is growing here, by 2027 we will have a shortage in capacity. ... The new plant will be 2.5 million units," Haier Appliances India President NS Satish told PTI.

With this new facility, the capacity of Haier India will be increased to four million units per annum, from the present 1.5 million units, apart from enhancement of domestic value addition. Haier is considering setting up a plant in South India and will announce the intended investment very soon.

Without offering any details, he stated the investment amount would be assimilable in size and capacity to what we presently have in the Noida Industrial Park." In 2024, Haier raked in a whopping 36 percent growth in revenue, augmenting by around Rs 8,900 crore, achieving the milestone of crossing the sales of a billion dollars.

“ And subsequent to that, every year, we are looking around Rs 2,000 to 2,500 crore plus. So we have big plans. And we see a big opportunity in India. When you see the economy GDP, which is doing very well, next is the penetration of the product, which is very low when we compare it to our global counterparts," he said.

On when Haier Appliances India would become a USD 2 billion company, Satish replied: "In the next three to four years, definitely. We already are a USD 1 billion company. I think in the next three to four years, it will definitely be more than USD 2 billion."