Hawells will be soon setting up its manufacturing unit for for manufacturing of cables, wires, solar lights and other electronics in Karnataka.
Havell India is aiming to invest Rs 300 crore to further expand its manufacturing units in the current financial year. Apart from expansion, the company is also chalking its ideas to further explore the market by venturing into water purifiers and personal grooming.
Explaining the company’s strategy, Anil Rai Gupta, Chairman, Havells said that company plans to invest Rs 300 crore in the current financial year in expansion of its manufacturing base and is considering diversifying into various consumer electronics businesses including water purifiers and personal grooming.
He quoted further that the company will utilise cash reserves of Rs 1,500 crore for expansion and is not considering raising funds at this moment. It is scouting for acquisition opportunities in electronic goods segment in India and abroad.
Making its first move towards expansion, Hawells will be soon setting up its manufacturing unit for for manufacturing of cables, wires, solar lights and other electronics in Karnataka. The company had already received 62.09 acres of land from Karnataka Industrial Areas Development Board. The site is located at Vasanthanarasapura industrial area.
The unit will be churning its production by the end of this fiscal year. After venturing in Karnataka, the company will be heading to Assam to set up another manufacturing unit and has entered into a land lease agreement with Pan Projects. Currently, company holds 12 manufacturing units installed at Uttar Pradesh, Uttarakhand, Rajasthan, Himachal Pradesh and Haryana. These units manufacture almost 17 electronics products including switchgear, motors, fans, water heaters and other domestic appliances.
The company has a network of 6,500 dealers in India. It has 375 franchisee stores, to which it expects to add about 100 every year. Havells focuses on the Indian market. It is clear that the government's focus is on energy expansion and energy efficiency and good companies and brands will have better future, stated Gupta.