Financial Daily from THE HINDU group of publications
Friday, Aug 23, 2002
Financial Daily from THE HINDU group of publications Friday, Aug 23, 2002 |
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Corporate
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Announcements Videocon to make fridges at Salt Lake factory Our Bureau
KOLKATA, Aug. 22 VIDEOCON International Ltd today outlined plans to invest Rs 80 crore to augment facilities at its existing manufacturing unit at the Salt Lake Electronics Complex here. The company has firmed up plans to set up capacities to manufacture one lakh refrigerators per annum at the factory here. Currently, the Salt Lake facility manufactures 50,000 colour television sets and kits per month for Videocon and its associate brands such as Akai and Sansui. Stating this at a news conference here today, Mr Goutam Sengupta, General Manager of Kitchen Appliances India Ltd, a Videocon subsidiary, said the proposed investment of Rs 80 crore would be generated through internal accruals. The idea behind the initiative was to garner a larger share of the market for colour TVs and refrigerators in eastern India. It may be recalled that Videocon took over the consumer electronics plant at Salt Lake from Philips India Ltd in December 1999. Since then, the company has been manufacturing colour television sets here. Currently, the facility in Kolkata accounts for a turnover of Rs 300 crore per annum. The refrigerator manufacturing facility would be engaged in the manufacture of state-of-the-art refrigerators. One of the 165-litre refrigerator models - slated to hit the market by December this year - would be sold for less than Rs 7,000 per unit. The expansion project would provide direct employment to 100 people, besides providing indirect employment to several others. Mr Somnath Chatterjee, Chairman of West Bengal Industrial Development Corporation, said Videocon's investment plans provided a shot in the arm for the State, which does not have any other appliances manufacturer in the organised sector.
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