Hettich to invest Rs 500 crore in India
Builds a new manufacturing plant in VadodaraSeptember 27, 2013 | comments ( 0 ) |
Hettich, manufacturer and a leading brand of furniture fittings with a turnover of over USD 1.2 billion and a global presence in 110 countries, has announced plans to invest Rs 500 crore in India over the next five years. The company has established operations in India by setting up a 50:50 joint venture with Adventz, the Saroj Poddar Group in the year 2000.
The company has plans to make India a manufacturing hub considering the market potential and technical/managerial skills available for producing certain select products for its global consumption. Hettich India plans to invest significantly on training and R&D to deliver value to its customers. It aims to combine performance, aesthetics and efficient use of space.
Announcing on the company’s decision to invest significantly in India, Dr Andreas Hettich, Global CEO, Hettich, says, “We are fairly satisfied with our business in Asia. In fact, India is now one of our largest subsidiaries in terms of sales and will soon become a manufacturing hub as well in the near future”. He adds further by saying, “India is a growing market and per capita consumption of furniture in the country is expected to increase in line with the Western world. We see a very bright future here and are investing substantially to develop the market. The market size in this segment is about Rs 3,500 crore and is growing at a rate of around 15 percent per annum. Considering the potential that India and the aforementioned regions hold, the company has set up a manufacturing plant in Vadodara, which will not only serve customers in South Asia and Middle East but also its subsidiaries in other geographies. Hettich India has already invested Rs 100 crore in the Vadodara plant which will manufacture certain select products, starting with wire baskets as its first manufacturing plant.
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