Whirlpool of India, the subsidiary of Whirlpool Corporation, has announced to hike product prices by 2-3 per cent in the next two months.
Shantanu Das Gupta, VP Corporate Affairs and Strategy, Whirlpool of India, said that input prices have gone up and another price increase is on the anvil, probably in the range of 2-3 per cent. However, the company doesn’t see it impacting growth in any way.
The company, which makes refrigerators, air-conditioners and washing machines, has revised its investment in India to Rs 4 billion over three years, starting this fiscal. In November, the firm had earmarked Rs 3 billion for the same period.
Dasgupta said that the investments are going up as the company has to support and drive growth through innovation and distribution. The company is also aiming at strengthening distribution by looking at 700 small towns across the country and these are currently being mapped. The smaller towns will be the future areas of growth.
Sixty per cent of the firm's revenue comes from the urban market while rural sales make up the rest.
The firm has plans to launch a new range of higher end washing machines by September this year and boost distribution.