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Appliances giant Whirlpool will invest $20 million in new products for the Indian market over the next year and a half, according to Reuters India.
T.K. Saha, vp-sales for Whirlpool in India told the wire service that “The funds will be invested in three of our existing facilities.”
In 2009, the company expects revenue growth of 20 percent to 25 percent in the country, after experiencing a 21 percent gain in revenues in the 2008 fiscal year, rising to 17.43 billion rupees (US$357 million)
Earnings in Whirlpool’s Indian operations rose 198 percent in the period from April to June of 2008, according to the report, to 445.7 million rupees (US$9.13 million).
Refrigerator units currently account for the large majority of Whirlpool’s sales in India. Growth in the market is expected to come from products including built-in dishwashers, microwaves, air conditioners and water purifiers.
