Haier India aiming at doubling revenues this year

Haier India aiming at doubling revenues this year

China’s top home appliance maker Haier Electronics Group has an Indian division and they are now planning to double their revenues this year. The aim is to expand their product range here in India and double its revenue to $118 million in 2006.

The company would be targeting the rising purchasing power of the great Indian middle class with their range of fridges, air conditioners, and washing machines. The company entered the Indian market in 2003 and has set itself a target of $500 million-$1 billion revenue by 2010.

Haier India is also planning to become one of the top three consumer electronic maker in the country by end of the decade. The Indian market is largely dominated by South Korean giants Samsung Electronics Co and LG Electronics Inc and the Chinese firm plans to counter that domination with attractive pricing and discount schemes.