New Delhi: Home appliances maker Whirlpool of India on Thursday launched 160 models across six product categories as it aims to become the country's leader in the segment over the next three years.
A wholly-owned subsidiary of US-headquartered Whirlpool Corporation, the company on Thursday launched models of various products, including refrigerators, air conditioners, washing machines, in the price ranging from Rs 10,000 to Rs 1 lakh.
"With this launch we are aiming for leadership in refrigerator and washers in the next 18 months and overall leadership in home appliances in the next 3 years," Whirlpool of India CMD Arvind Uppal told reporters here.
This launch is distinctive in its scale; the breadth of categories and the number of offerings are unprecedented and positions Whirlpool to cater to every segment in the consumer pyramid, he added.
Uppal said the company's current market share in India is around 18 percent and it looks to increase to 25 percent by the end of this year.
As per the company estimates, the annual Indian home appliances market is around Rs 35,000 crore or 15 million appliances.
The company, which has three manufacturing facilities in the country, also plans to invest a total amount of Rs 200 crore on capital expenditure and marketing in 2012.
"We would spend Rs 100 crore in terms of capex, including product development and another Rs 100 crore on marketing in the current year," Whirlpool of India Vice-President Marketing Rajiv Kapur said.
The company said it has hiked the prices of its various products, including frost free refrigerators, washing machines and air conditioners by 2 percent broadly due to rise in excise duty from 10 to 12 percent.
"Further, we plan to increase prices of direct cool refrigerators during the next week. Excise hike is very difficult to absorb," Uppal said.
Shares of Whirlpool of India were trading at Rs 185.30 on the BSE in late afternoon trade, down 0.99 percent from its previous close.