New Delhi, Sep 17 (UNI) Targeting to capture 30 per cent market share in the Indian market by the year 2010, US-based electronic water appliances maker AO Smith today announced the launch of a range of water heaters.
Addressing a news conference here, AO Smith National Sales and Marketing Manager Tamal Chaudhary said,'' We have started the launch of the water heater with ten cities where they will be available very soon. And by 2010, we plan to be present in almost every corner of the country.
''As we are unveiling the product very late as far as this fiscal is concerned, we plan to capture three to four per cent of the market share by the end of this financial year,'' he added.
He said the company, headquartered in Bangalore in India, planned to open its 25-acre manufacturing facility in the IT City.
''Initially, the product would be sourced from Nanjing,China, where we are based and later on the manufacturing would begin from the Bangalore facility,'' A O Smith Vice President (International) David R Warren informed.
The two models on the offer, EWJ-6 and EWJ-10, are priced at Rs 5,200 and Rs 8,100 respectively.
The company has joined forces with Jaquar&Company Ltd, India's largest manufacturer and exporter of bath fittings, for distribution of its range in the country.
Asked about the company's expansion plans and future investments, Mr Chaudhary, while parrying the question, said,'' Right now, I cannot disclose the amount of money we are going to pump into the company. It will an investment running into millions of dollars. We have planned something major by the year 2010. And hopefully, we will be able to bag 30 per cent share of the Indian water heater market by that time.'' '' We are also opening ten after-sale service centres in the cities where we have hit the market so as to ensure that our customer gets the best of after-sale services,'' he assured.
He said the company occupies 80 per cent of the water products segment in US and is the largest water heater manufacturer in North America with 40 plants worldwide.
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