Home appliances maker Haier India announced it would invest up to U.S. $8 million to set up a manufacturing unit and R&D center in the country.
"We have decided to invest U.S.$3 million to $4 million for the manufacturing facility and another $3 million to $4 million for an R&D center here," Haier India President and CEO T K Banerjee said.
The manufacturing unit of the Indian arm of the China-based Haier group will be operational by March next year. The company has yet to decide on the location of the R&D center.
Haier India aims to sell half a million color TVs next year and 100,000 units in the next 3 months. Apart from color TVs, the company will also sell DVDs and home theatre systems.
According to Mr. Banerjee, the company's appliances have received an enthusiastic response across India, prompting the decision to introduce color TVs.
The majority of the products would be manufactured locally through strategic partners, leveraging on Haier's global standards on design, quality control and product aesthetics, he said. (PTI)
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