Chennai, Mar 19 (UNI) Leading consumer service provider Voltas will spend Rs 50 crore in the air conditioning system segment during the current fiscal, Company Vice-President Pradeep Bakshi said today.
While launching various air conditioning products, including the country's first corner AC 'Vertis Pristine' here, Mr Bakshi said ''our new launch promises to expand the market further as the products are backed with an advertising budget of Rs 30 crore.'' ''With a stated target of achieving 20 per cent market share, the company has put in place an aggressive distribution strategy to increase the number of channel partners from the current 3,000 to about 4,000 next year,'' he added.
Mr Pradeep also underlined that Voltas was also investing around two per cent of its turnover to beef up its service infrastructure to give the best services to customers.
Announcing that the company would launch 42 new models this year, Mr Pradeep Bakshi said ''our endeavour in the air conditioning market is to lead the industry and make good-looking economical products available to all segments of consumers.'' ''Our objective is to touch Rs 10,000 crore mark by 2011,'' he said, adding ''the company is anticipating 45 per cent growth in the fiscal 2008-09 with the sales target estimated at 3.5 lakh units.'' The company also launched DC Inverter Technology AC 'Vertis Panache', sleek and elegant 'Vertis Elan' and 'Vertis Elite', flagship 'Vertis Plus', and 'Vertis Gold' in the premium and luxury segments of room ACs.
The price range of these new products, which had rotary compression, varies from Rs 9,900 to about 70,000, depending on the size of the AC.
Voltas also unveiled 125 litre freezer for commercial refrigeration and mini magic marvel--CFC free water dispenser.
Besides, it would soon bring wine and chocolate coolers in the market with a capacity of 110 litres and 220 litres.
The Voltas range included 'Star Rated' ACs in both Splits and Windows, going right up to the most-efficient five-star rated units.
The company had two plants involved in the production of ACs of three lakh units capacity each.
The AC market, estimated to be 20 lakh units in 2007, is growing at a robust rate of 30 per cent per annum. With their pioneering launch of Star Rated ACs last year, Voltas gained 17 per cent market share, second to LG which had a 27 per cent market share.
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