Haier Appliances plans to invest $3-6 million in India

BANGALORE: Chinese consumer electronics firm Haier Appliances plans to invest 3-6 million US dollar in setting up a colour TV assembly plant in India.
"We have not decided on the location for the plant.Several state governments are talking to us," Haier India President and CEO T K Banerjee told reporters after the firm launched its range of colour TVs and DVDs here.
The plant would have a production capacity of one million units, which would be sustained for two to three years, he said.
Haier, Banerjee said, was presently using a contract firm near Delhi to produce its TVs and planned to sell five lakh units next year and reach over one million TVs by 2007.
He said the firm was aiming at selling one lakh DVDs next year and five lakh units by 2008.
Haier will begin its R&D centre next year, its ninth in the world, which would provide inputs from the local market in developing new products.
He said Haier, which began operations after the FIPB cleared its venture with an initial investment of USD six million, began sales of consumer durables in India from January and it aims to achieve a revenue of Rs 350 crore this year.