Italian home appliance brand Elica, the world's largest chimney manufacturer, is all geared up to mark its presence in India.
The global brand is coming through a 51:49 JV with its Indian partner Prahlad Bhutada, CEO of Elica India.
Bhutada said that the kitchen hoods (chimney) market in India is worth Rs 500 crore. Of this, 50 per cent is organised. The company is looking at a 20 per cent market share within the next one year of operation.
For the venture, the brand will be spending Rs 25 crore on expansion and marketing in a year. It also has plans to be present in the top 20 cities of the country.