The Indian operations of $13.9-billion Chinese consumer durables major Haier announced the acquisition of Daewoo Anchor Electronics in India.
Daewoo Anchor’s facility, spread over 40 acres in Ranjangaon, Pune, manufactures refrigerators, colour televisions and washing machines. Haier plans to upgrade the new facility and also build up a research and development facility for its refrigerator range.
The capacity of the facility is pegged at 35,000 units and Haier will begin operating in two shifts. The facility is expected to initially employ over 500 people.
Shi Zhiyuan, managing director, Haier Appliances (India), said, “Haier’s target is to become one of the prominent players in the Indian market in a few years. We wish to achieve this by following a localisation strategy, where R&D, manufacturing and marketing activities are carried out locally.”
“Earlier we had been using third-party vendors for our manufacturing requirements. With this acquisition, we will be able to achieve even better-quality levels, faster response time, and cost advantages, and will be able to meet market demands and requirements in a more efficient manner,” said Zhiyuan.
After the 1999 collapse of Daewoo in Korea, the Ranjangaon plant was bought by Daewoo’s joint venture partner Anchor Electronics in 2004.
