Havells India explores refrigerator manufacturing for Lloyd brand expansion

  • Industry News
  • Sep 06,23
The company, which already produces air-conditioners and washing machines in the state of Rajasthan, aims to enhance its product portfolio.
Havells India explores refrigerator manufacturing for Lloyd brand expansion

Havells India is currently exploring the possibility of establishing a new manufacturing facility for refrigerators, as part of its strategic initiative to transform the Lloyd brand into a comprehensive consumer durables entity. The company, which already produces air-conditioners and washing machines in the state of Rajasthan, aims to enhance its product portfolio.

Anil Rai Gupta, Chairman & Managing Director of Havells India, shared insights on this development during an event organized by the Indian Fan Manufacturers Association. He stated, "We are currently in the process of evaluating the feasibility of establishing a refrigerator manufacturing facility in Giloth, Rajasthan. Presently, our refrigerators are manufactured through a third-party partnership, and we are conducting a comprehensive feasibility study before finalising our plans. Our goal is to position Lloyd as a comprehensive consumer durables brand."

Gupta emphasized, "Our entry into the refrigerator market is still in its early stages. We have already introduced a full range of refrigerators to the market. To make a well-informed decision about establishing our own manufacturing facility, we are conducting this feasibility study. Our assessment encompasses various aspects, including the demand patterns for the Lloyd brand in this segment and the optimal timing for this endeavour."

Regarding the company's potential investment, Havells India disclosed in a BSE filing that, if they proceed with the project, they plan to establish a greenfield facility with a production capacity of 10 lakh units, requiring an investment of Rs 350 crore. This strategic move is intended to facilitate backward integration and achieve economies of scale.

In response to inquiries about the second half of the year, Gupta expressed optimism, stating, "We anticipate that the latter half of the year will show improvement, particularly as we approach the festival season."

Gupta also noted that there is significant room for growth in various consumer appliance categories where the company operates, as penetration levels remain relatively low.

He added, "Rural demand was affected by inflationary pressures, but with the reduction in raw material costs and continued favourable monsoon conditions, we anticipate an upturn in rural demand trends. Furthermore, as electrification progresses in rural areas, we expect a substantial acceleration in rural demand."

Regarding the industry's recent transition to selling star-rated fans, Gupta emphasised the need for consumer education and educating the trade channel involved in selling these energy-efficient fans to consumers.

Source: Business Line

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