Published On:April 14 2014
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Miele to invest Rs. 100 crore, expand in tier 2 cities.
German high-end domestic appliances maker Miele plans to invest Rs. 100 crore this year in Indian to expand the business.
'By the end of this year we will invest around Rs. 100 crore. This money would be invested in brand building, creating infrastructure, training, hiring and after sales services,' Miele India MD Dhananjay Chaturvedi told PTI.
Miele's different products are catered to high-end consumers. Its washing machine range starts from Rs. 1.79 lakh, coffee machines at Rs. 2.79 lakh, micro ovens at Rs. 1.19 lakh and dish washers at Rs. 1.34 lakh.
The company, which forayed into the Indian market in 2011, plans to expand its network in tier 2 cities and increase its point of sales to 60 in the next two years from 40 at present.
It has presence in 10 cities including Delhi, Mumbai, Ahmadabad, Bangalore, Hyderabad, Pune, Surat and Chennai.
'In next four years, you will find Miele at places such as Indore, Nagpur, Raipur, Coimbatore, Vijayawada or Ranchi,' Chaturvedi said, adding that the company would soon open a center at Jaipur.
On the growth strategy, he said: 'We would keep on focusing on our kitchen appliances segment which would remain our main stay for our retail business.'