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Micromax plans to invest Rs. 600 crore in consumer durables
The company is also planning to introduce five to six models of semi-automatic washing machines within a same period and will employ about 500 people in the durable segment
Seeking to expand its consumer durable portfolio, homegrown mobile phone maker Micromax is planning to invest Rs. 600 crore over the next three years.
"Our strategy of connected devices under the broader view of being a consumer electronics company will take a step up with new air conditioner models and then with washing machines," said Rohan Agarwal, vice president of consumer electronics business at Micromax. "we will invest abut Rs. 200 crore every year to build the channel and service," he further added.
The company is also planning to introduce five to six models of semi-automatic washing machines within a same period and will employ about 500 people in the durable segment.
Micromax aims to garner 60-65 percent of its business from mobile phones by 2020, 25 percent from consumer durables and 10-15 percet from international markets such as Russia, where the company is palnning to launch LED televisions.
Agarwal said the company wants to replicate its success in the LED TVs segment - where it has a 12 percent market share - and achieve a 10-15 percent share over the next three years in the AC segment as well. Having launched four models in June 2016, the company plans to add four more this year between the price range of Rs 20,000 and Rs 37,000.
Micromax is at No.3 smartphone player in Russia, however the brand is no longer in the list top top five ranking charts over 2016 in India.