Videocon Industries has bolstered its product line with a new range of energy efficient air-conditioners, refrigerators and washing machines, while upgrading its television line-up with liquid luminous range.
The diversified company, with manufacturing facilities in India and abroad and research and development centres located at Aurangabad, Noida, Seoul in Korea, Tokyo in Japan and Shenzhen in China, is gearing up for another round of niche products which are Internet-enabled adding to the convenience of the consumer.
Akshay Dhoot, Head of Technology and Innovation, explains the company has trained its focus to the evolving niche market with new generation products while catering to the conventional business. Demonstrating products spanning air-conditioners with Wi-Fi connectivity facility and innovative range of washing machines and television sets, he said these come in the backdrop of ₹850 crore spend on the company research and development, product upgradation and ramp up of manufacturing capability last year.
“As we work towards more innovative products including adding to the line-up of air-conditioners with the new rating system as mandated by the Bureau of Energy Efficiency, we continue to invest in R&D. Thus far, we have invested about ₹500 crore and expect to take this up to ₹850-900 crore this financial year,” Akshay Dhoot told BusinessLine .
“Videocon has a market share of about 17 per cent in the consumer durable business and expects to sustain the share. The company has earmarked ₹1,000 crore for opening new manufacturing facilities as well as upgrading the existing facilities over three years,” he said.
Referring to the new sleeker washing machine range, a new AC which has capacity to cool even at 55 degrees Centigrade and upgraded range of liquid luminous TV sets, he said that these products are part of the company’s effort to go niche.