Whirlpool to invest $20 mn in India in 12-18 months

Kochi, Aug 2: Whirlpool is to invest about US$ 15 million to 20 million in India in the next 12 to 18 months, company Vice-President, Marketing, Shantanu Das Gupta said today.

Addressing a press conference here to announce Whirpool's Onam promotion in Kerala, Mr Das Gupta said the money would be invested in manufacturing the company's new range of products including the 'Mastermind' refrigerators, 'Sensation Neo' washing machines, 'Magicool' air conditioners and 'Magicook' microwave ovens.

Besides these, the company had also recently launched '100 per cent' dryers keeping in mind the growing apartment culture in India and the resultant space scarcity which made drying of clothes, especially during the rains, a big problem.

The dryers were being imported from Europe and the company had no immediate plans to start their manufacture in India, Mr Das Gupta said.

Whirlpool has manufacturing facilties at Faridabad in Haryana, at Ranjangaon near Pune and Pondicherry.

Whirlpool, which exports to a number of countries from its Indian units, has set up a Global Technology Centre at Pune and a Global Consumer Design centre for Asia in New Delhi. Fifteen per cent of the company's Rs 1622 crore turnover in India was from exports last year.

Mr Das Gupta said Whirlpool, which had a market share of about 25 per cent in the refrigerator category, was aiming to become the market leader with a 27 per cent share by this year-end.

The company had seen a 25 per cent growth in sales and a 100 per cent growth in net profits in Q1 of 2007-08 compared to the same quarter in the previous year.

He said despite a rise in interest rates, the home appliances market was buoyant and was growing at about nine per cent this year.

Mr Tamal Kanti Saha, Vice-President, Sales, said Whirlpool was targeting a turnover of Rs 60 crore during the Onam festival in Kerala this year compared to about Rs 40 crore last year. The company would be spending about Rs 1.5 crore on the Onam promotion.

Named 'Yellathillum Magic' (Magic Everywhere), the promotion will be in operation from August one to September 30. Besides assured gifts on every Whirlpool purchase, the company had also tied up with 1800 retail outlets including grocery shops, chemists, jewellery shops, household utility stores, apparel and electronic showrooms, furniture stores and automobile units.

Describing it as the biggest cross category retail alliance in India, Mr Das Gupta said customes at any of the selected outlets would be given 'Magic Coupons' which they can drop at the Whirlpool 'drop box' and become part of a mega draw.

The customer who wins the mega prize will get a 'Whirlpool Home' which is a combination of a refrigerator, washing machine, dryer and microwave oven. There will be ten other prizes besides the mega prize.

UNI