company in the next 3-4 years on the back of a high double-digit growth powered by expansion in product category and channels, according to a top official.

The home appliances maker has earmarked an investment of over Rs 1,000 crore between 2024-2028 to set up new AC Production and Injection Molding Units. It has already ploughed in Rs 2,400 crore in its plants at Pune and Greater Noida so far.

With this new plant, Haier India's capacity would increase to 4 million units per annum from the present 1.5 million units, besides increasing domestic value addition.

"Currently we have a capacity of 1.5 million. However, the way the AC market is growing, by 2027 we will have a shortage in capacity. … The new plant will be 2.5 million units," Haier Appliances India President NS Satish told PTI.

Without sharing any details, he said the investment amount would be "similar in size and capacity to what we have currently in the Noida Industrial Park".

In 2024, Haier reported a 36 per cent growth in revenue at around Rs 8,900 crore, crossing the billion dollar sales mark. For the current year, Satish expects revenue to cross Rs 11,500 crore.

"And subsequent to that, every year, we are looking around Rs 2,000 to 2,500 crore plus. So we have big plans. And we see a big opportunity in India. When you see the economy GDP, which is doing very well, next is the penetration of the product, which is very low when we compare it to our global counterparts," he said.