Amway to expand in India
Baddi (HP): Amway India, a leading direct selling company, is getting ready to expand its operations in India, as there is a hope to get clear policy...
Baddi (HP): Amway India, a leading direct selling company, is getting ready to expand its operations in India, as there is a hope to get clear policy guidelines on industry which it operates. To reach a turnover of A Rs 5,500 crore by 2020, the company is setting up its own manufacturing facility in Tamil Nadu. The company is also considering setting up its third Research and Development Centre in India after New York and Shangai. William S Pinckney, MD and CEO, speaking to visiting reporters at the largest contract manufacturing plant at Baddi in Himachal Pradesh, said the company registered a CAGR of 20 per cent over last five years, and achieved a turnover of `2,288 crore in 2012 calendar year. The flagship brand, Nutrilite contributed over `1,200 crore in 2012, he said. To meet the growing demand, Amway India has established its first greenfield manufacturing facility in the country with an investment of `500 crore ($95 million). The plant to be located in Nilakottai, near Madhurai, Tamilnadu. The plant will commence its commercial production in the first quarter of 2014 and will initially produce super premium personal care products. To this effect an MOU is signed with the Tamil Nadu government recently. Accordingly the company acquired about 50 acre land. Initially 25 acre will be developed as company facility, Pinckney explained. The proposed R&D centre will be in operational in next three years, he said. Considering the changing lifestyle, the new women's range addresses the nutritional requirements of all age groups, Amway India launched a five products under Nutrilite brand name. In beauty care category, Amway will introduce a new product, "Renewing Peel" from its super premium brand Artistry, costing about `3,200. Ranked 11th in FMCG sector, Amway achieved business turnover of `626 cr via e-commerce.