U.S.-based direct selling company Amway on Tuesday said it would make an investment of Rs.400 crore for setting up a greenfield manufacturing unit in India besides upgrading its infrastructure and opening more brand centres.
“The new plant, to be owned and operated by us, will cater to our future needs as we see our sales growing fast in India,” Amway India Managing Director and CEO William Pinckney told journalists.
At present, the biggest direct selling firm in the domestic market, with around 40 per cent market share, has seven contract manufacturers , with the biggest facility being at Baddi in Himachal Pradesh where it recently invested Rs.50 crore to boost production.
Stating that Amway India was following the ‘2020 vision' as chalked out by the parent company, Mr. Pinckney said: “We plan to double our business in the next two-three years. Last year, we did Rs.1,790 crore, registering 27 per cent growth, while this year we hope to cross Rs.2,500 crore. We have 135 branch offices and ten experience centres, while we will add 10-15 experience centres across the country this year.”
The Amway India head further said the company planned to enter two new segments — water and air purification business.
Keywords: Amway India