Voltas Limited – A Tata Enterprise, made a thumping entry into the Indian consumer durables market today with the launch of their brand – Voltas Beko. The new company, Voltbek Home Appliances Private Limited (Voltbek), an equal partnership joint venture, has introduced a wide range of home appliances which include Refrigerators, Washing Machines, Microwaves/Ovens, and Dishwashers.
Pradeep Bakshi, Managing Director & CEO, Voltas Limited, said, “We are delighted to announce the launch of the Voltas Beko Home Appliances range for all our valued customers. As a market leader in the AC category, Voltas has always placed customer centricity at the core of all its offerings. Voltas Beko has been built on the same principle aiming to provide best in class products as ‘Partners of Everyday Happiness’. In sync with the government’s ‘Make in India’ initiative, by FY’20 we will be manufacturing these products in the facility at Sanand, Gujarat. We are very happy to partner with Arçelik, whose core competencies complement ours and together we aim to make Voltas Beko the market leader in the white goods space too.”
Hakan Bulgurlu, CEO, Arçelik, said, “We are extremely excited about this new venture between Beko and Voltas. We strongly believe that Voltas’ trusted brand equity coupled with Beko’s innovative approach to product development is a recipe for success. With a vast population and significant economic growth prospects, India offers huge potential to support our continued plans for global expansion and we are thrilled to be entering the market with such a reputable partner.”
Noel Tata, Chairman, Voltas Limited said, “This new venture allows us to offer a wide variety of globally renowned products in the Indian market. Arcelik is a market leader in Europe and is on the cutting edge of innovation in the consumer durable segment. Voltas has established its credentials as a market leader in the AC segment with wide distribution reach and has strong brand recall. Together, we hope the Voltas Beko products will become an integral part of every Indian household.”
As per industry reports, the Consumer Durables market in India is slated to grow at 10–12 % per annum. The white goods market is currently valued at Rs 43,000-crore (excl. ACs). During the last 10 years, the Indian Major Domestic Appliances market grew by nearly 9 % (CAGR), surpassing the overall 3 % growth of the global white goods market.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.