Videocon To Establish Plant For Its Loss-Ridden Electrolux

MUMBAI: Home appliances maker Videocon Industries on May 10, declared it will establish a manufacturing facility at Kashipur in Uttaranchal at an investment of Rs 150 crore to turn its loss-incurring company Electrolux into a profit making entity. Videocon will infuse Rs 150-crore in the manufacturing plant at Kashipur, which will manufacture Electrolux home appliances apart from some of its own products. The four-door refrigerator is priced at Rs 99,990 and targets a niche market in metros and larger cities. The new plant would have a manufacturing capacity of 10.35 lakh units of Electrolux appliances. The company expects to foray into the black in 2007-08 and has fixed a turnover target of Rs 700 crore. With a turnover target of Rs 700 crore this fiscal, we will become profitable.