Goldmedal Electricals, a four-decade-old company founded in Vijayawada and into the manufacture of a range of electrical goods, plans to set up a unit to make fans and home appliances in Hyderabad with an investment of ₹125 crore.
It will be a foray into a new segment for the company whose products and solutions lineup comprise wires and cables, switches, home automation and entertainment as well as LED lighting.
The company, headquartered in Mumbai, is in the process of evaluating locations on the outskirts for the plant that will require 3 or 4 acres, Directors Kishan Jain and Bishan Jain told media here on Thursday. Praveen Jain, another Director, added Sangareddy district was a likely choice for the proposed plant.
Mr. Kishan Jain said the existing manufacturing facilities of the company for electrical products were in Mumbai and at Bhiwadi, Rajasthan. It also had a PVC pipes facility in Vijayawada. Besides fans, the plant in Hyderabad that is to be ready within three years will be manufacturing geysers, mixers, trimmers and juicers. The ₹125 crore investment is to be made over a couple of years and the plant will have a capacity to make 12-15 lakh units.
A release said Goldmedal Electricals had posted ₹1,400 crore revenue in 2018-19 and targeting to clock ₹2,000 crore. It also plans to make an Initial Public Offering (IPO) in 3-4 years, Mr. Jain said. Andhra Pradesh and Telangana were focus markets for the company, where it had market share of 25-30%.
