One of the top officials of Midea Group quoted that the company is soon launching Toshiba Home appliances in the Indian market and it is planning soon to set up a manufacturing unit locally.
Midea has a stake about 80% in Toshiba Lifestyle products and services and it is going to manufacture a wide range of home appliances at Ahmednagar, Maharashtra Plant and it is going to invest about 1,350 crore in the coming five years.
The factory is going to be launched in 1.5 years and it is going to launch home appliances such as refrigerators, water heater, water purifier etc. All these actions would take place in a phased manner and the company would soon be launching more products for the Indian market.
Most of these products would be manufactured in bulk at the Indian based factory that is expected to be live by April 2020. The following information was presented by Krishan Sachdev who is the Indian region Managing director of the Midea Group.
He also quoted that they would be making use of their own independent business unit for the brand products of Toshiba when asked if Carrier Midea would be using the existing sales channels and network.
In addition, he said that they would be making use of the existing business relationships to some extent in order to expand the business.
The Midea Group Vice President Eric Wang said that “We would be sending totally new and developed platforms for the Indian markets for all the Toshiba Products in all the categories.
In March 2016, the Toshiba Corporation announced the fact that they would transfer about 80% of the share in TLSC at an approximate price of USD 473 million.
The company is yet to share the financial details of the Indian businesses that they are setting up.
The vice president Eric Wang quoted that “We have grown considerably in the last 5 years with a growth rate of about 25%. Our aim is to grow by another 25% in the next three year as we are significantly adding large appliances in our category.