Electrolux Kelvinator Limited on Wednesday said it would be in black by December, 2005 and announced its foray into microwaves category with the launch of its Nutrition range of four models.
"This (2004) is the year where we are repositioning our brands and consolidate in launching new products. By December 2005, we hope to complete the turnaround exercise and turn black," EKL managing director and CEO Rajeev Karwal told reporters in Kolkata.
He said today's launch marked the company's entry in a new product category, having already established its presence in refrigerators and washing machines with a market share of 14 per cent and 11 per cent respectively last year in the segment it was present.
The company was also planning to enter airconditioners business and all set to launch the product by the end of next month, he said.
"We are also planning to launch many more models of washing machines and refrigerators during the current year and by the end of next month we will launch airconditioners as part of strategy for aggressive expansion," Karwal said.
He said the microwaves launch exemplifies their aggressive growth strategy and vision to become the leading consumer durable brand in the country.
Commenting about microwaves, which they were calling Maxiwave, Karwal said the market size last year was expected to be worth 300,000 units and was growing at the rate of 25 per cent. "We should end the year with a minimum market share of five per cent and hope to be amongst top two in next 3-4 years."
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