Italian appliance firm Faber SpA has increased its stake in its Indian operations to 75 percent and will bring in another Rs 80 million (approx. U.S. $1.8 million) for expanding its product range in India.
The joint venture company, Faber Heatkraft Industries Ltd., is expecting 40 percent higher sales at Rs 430 million (approx. $9.5 million) this fiscal and is eyeing Rs 600 million (approx. $13.2 million) turnover in 2004-2005, it said in a statement. The equity stake has been increased from the company's previous 51-percent stake.
"The decision to increase stake in the Indian JV has been taken keeping in mind the long term vision of Faber for the Indian market," said Prahlad Bhutada, managing director of Indian operations. "Seeing the immense potential that exists in kitchen chimneys, cooking ranges, and gas hobs, Faber has identified India as a priority market."
The Italian company is now planning to further strengthen the Indian JV with the infusion of advanced technology, more research and development support, increased production capacities, and by implementing aggressive marketing strategies, the company said. (PTI, Asia Pulse)
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