MARCH 20258GOVT SETS UP SPV TO BOOST REGIONAL AIRCRAFT MANUFACTURING IN INDIAHAIER TO BOOST INDIA'S HOME APPLIANCES MARKET WITH 1,000 CR INVESTMENTHaier Appliances India is aggressively expanding its footprint, aiming to become a $2 billion company within the next three to four years. The home TOP STORIESappliances giant is leveraging high double-digit growth by expanding its product categories and distribution channels.The company has earmarked an investment of over 1,000 crore between 2024-2028 to establish new AC production and injection molding units. This comes in addition to the 2,400 crore already invested in its manufacturing plants in Pune and Greater Noida."Currently, we have a capacity of 1.5 million. However, the way the AC market is growing here, by 2027 we will have a shortage in capacity. ... The new plant will be 2.5 million units," said Haier Appliances India President NS Satish. With this expansion, Haier's total capacity will surge to 4 million units annually.Haier is also planning a new manufacturing plant in South India, with details to be announced soon. The organization predicted its revenue to reach 8,900 crore in 2024 while projecting that it will exceed 11,500 crore during the current fiscal year.The increasing market demand for high-end appliances drives Haier to expand its presence in refrigerator and air conditioner production as well as washing machine and TV manufacturing. "India is a very important market. We see a huge opportunity with its demography and economic factors," Satish added. The government of India is set to establish regional transport aircraft production as a national initiative to become an independent aviation industry player worldwide. Civil Aviation Minister K. Rammohan Naidu set the foundation for aircraft production through the establishment of Special Purpose Vehicle (SPV), which serves as a key component of the Make in India program.In a session of the Rajya Sabha, Naidu highlighted the nation's capability to produce, design, and service aircraft. "We have changed the thought process that we have when it comes to manufacturing of aircraft. We are saying that India is at the stage right now where we can manufacture, we can design and we can maintain an aircraft," he stated.With domestic airlines placing orders for over 1,500 aircraft, the government is focusing on developing a local aviation manufacturing ecosystem. The SPV, set for a five-year timeline, will bring together key stakeholders, study the market, and create a roadmap for production. "We have a plan to create an SPV for five years, which is going to bring in all the necessary stakeholders... study the existing picture in the country and create a road map," Naidu explained.India is progressing in homegrown aviation technologies, such as the Saras Mk2, a 19-seat Light Transport Aircraft created by CSIR-NAL in partnership with Hindustan Aeronautics Limited (HAL). "The Saras Mk2 initiative has a collaboration and partnership with HAL. The aircraft has significant indigenous components and technologies like advanced composite wings, composite and lightweight material airframes, avionics, display, and communication systems," Naidu said.These advancements indicate India's aim to lessen dependence on international aircraft makers and create a strong supply chain for local aviation.
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