Electrolux India VP Resigns, Company Aims for Market Comeback
Jan 23, 2004
| Print this page
Rajesh Puri, vice president of white goods major Electrolux India (Mumbai, India), has resigned from his position after joining the company in August 2003 from Om Kotak Mahindra Insurance.
Mr. Puri was not available for comment, but Rajeev Karwal, Electrolux India's CEO, cited health reasons for Mr Puri's exit.
In other news, Electrolux India is working to make a market comeback after a long period of restructuring. The company has launched a high-decibel advertising strategy to reposition its branding as Electrolux from the previous Electrolux Kelvinator.
The parent, Swedish-based AB Electrolux, is keenly following the progress of the Indian subsidiary, which serves two of the biggest Asian markets, India and China.
Although the company's proposed Rs 200-crore rights issue is delayed, it has finalized a restructuring program starting next year to reposition the brand. It also plans to launch new products such as air-conditioners and increase its research and development team. Company sources said AB Electrolux has committed financial support during the interim period until the rights issue hits the market to help the company's growth strategy to turn profit-making.
Apart from managerial changes, the company, which opted for an open VRS early this year, is looking to further cut costs. Electrolux also plans to venture into the microwave ovens and air-conditioners during the current year. (FT.com)
Back to Breaking News