Orient Electric to set up plant in South India
Launches a series of air circulating chandeliers in Hyd on Thursday
Hyderabad: Orient Electric Limited, a part of $2.4-billion CK Birla Group, on Thursday said it has been actively considering to establish a manufacturing unit in South India.
"We are scouting for an ideal location to set up our new manufacturing unit. Our objective is to establish our plant in the southern part of India," Atul Jain, Executive Vice President, Orient Electric Limited, told the media here.
The consumer electrical products brand launched air circulating chandeliers here.
Jain, however, refused to offer more details on the new plant proposal. "We will announce the details of investment and timeline for setting up the new plant," he stated.
The New Delhi-based company, which makes fans, home appliances, lighting and switchgear, has a manufacturing capacity of 10 million units.
It closed last financial year with a top line of about Rs 1,860 crore and is targeting Rs 2,000 crore in revenues in the current fiscal. "While industry is growing at single digits, our growth rate is 17 per cent," he said.
On new chandeliers, he said the company's Eleganza series of air circulating luxury chandeliers would be available in three variants, prices starting from Rs 17,500.
"We are the first company to launch such chandeliers in India. This will grow in big category, clocking exponential growth," Jain said.