Home appliances and consumer electronics maker Haier India opened its first industrial park in the country in Ranjangaon, Pune. Haier has invested Rs 600 crore in this expansion project, which will increase domestic production by 322% and reduce dependence on imports. The company hopes to get into the top five players in the country by 2018 and in top 3 by 2020. Haier will be doubling the production capacity of refrigerators to 1.8 million units and also get into production of new categories. The new plant will make 0.5 million units each of LED televisions, washing machines, water heaters and air conditioners. This will take the total capacity at the plant to 3.8 million units.
Liang Haishan, executive president of Haier group, said India has emerged as one of the most important strategic markets for the group. So it has become necessary for the company to continuously invest, deepen and localise to meet needs of the Indian market. Song Yujun, MD of Haier Appliances India, said the new facility would strengthen its presence in India. Eric Braganza, president, Haier Appliances India, said the industrial park would not only scale up production but also decrease the overall dependence on imports.