Mirc Electronics to set up Rs.400 crore AC factory

Chennai, Feb 5 (IANS) Mirc Electronics Ltd, the makers of Onida brand consumer durables, plans to set up a new facility to roll out air conditioners in Maharashtra at an outly of Rs.400 crore, said a top company official.

Speaking to reporters here Tuesday after launching new air conditioners, chairman and managing director G.L. Mirchandani said: "The new facility will be to make air conditioners involving an outlay of Rs.400 crore."

According to vice president (marketing) Vipul Mathur, the company would also contemplate manufacturing washing machines and other home appliances at the proposed facility.

Mirc Electronics is targeting a turnover of around Rs.2,000 crore by 2014 from the current levels of around Rs.1,600 crore.

Officials said the company hopes to increase its market share in the split air conditioner segment to 18 percent with the launch of new models.

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