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South Korea's biggest firm Samsung Electronics on Wednesday announced the commissioning of its refrigerator manufacturing plant in India and said it will achieve a 13-percent market share by selling 400,000 refrigerators this year.
Set up with an investment of U.S. $25 million, R. Zutshi, director of sales for Samsung India, said the plant located in Noida, India is Samsung's fifth refrigerator manufacturing facility in the world; the other four facilities are located in Korea, China, Thailand, and Mexico.
"The domestic production of refrigerators in India will enable us to strengthen our product offering for the Indian consumer as well as give us the flexibility to respond faster to the changing needs of consumers," Mr. Zutshi said.
The firm, which already produces televisions, washing machines, microwave, and air-conditioners at the Noida factory, is targeting to up its share in the $3.2-million refrigerator business in India to 13 percent this year from 7.5 percent last year.
Samsung has already sold about 210,000 refrigerators during January-August this year, Mr. Zutshi said, adding that the frost-free refrigerator market was growing by 38 percent while direct cool category was showing 4.1-percent growth annually.
"We are targeting a revenue of Rs 28,000 million this year from selling consumer durables in India. Already Rs 14,800 million sales has happened in January-August, up 56 percent over last year," Mr. Zutshi said. (Asia Pulse, PTI)
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