Whirlpool To Invest USD 20 Mln For Expansion

Hyderabad: Whirlpool of India, a subsidiary of global home appliances major Whirlpool Corporation, to invest $20 million (around Rs 80 crore) for introduction of new products over the next 18 months. The company has also allocated Rs 70 crore towards advertising and market spend for the current year. Whirlpool is aiming to become the Indian market leader in the refrigerator category. The company has a 25 per cent share in the refrigerator market, about 4.5 per cent less than that of LG Electronics India, the current market leader. Apart from Mastermind refrigerators, the company unveiled Sensation Neo washing machines and MagiCool air-conditioners here on May 10. It hopes to notch up a 27 per cent market share in the refrigerator category, 20 per cent in the washing machine category and 10 per cent in the air-conditioner category in the country this year. The company''s operating profit for April-December 2006 stood at Rs 44 crore. Gross sales during the period stood at Rs 1,300 crore.