Hyderabad, Jan 12 : Hintastica Private Limited (HPL), a joint venture between Hindware Home Innovation Limited (HHIL) and Groupe Atlantic, on Thursday announced the commencement of the production of its range of heating appliances at its state-of-the-art manufacturing plant in Jadcherla,Telangana.
The set-up of the plant brings the company one step closer to fulfilling its ambition to further gain market share in the water heater segment and be in the top three players over the next five years, Sandip Somany- Chairman, Hindware Home Innovation Limited in a press conference here on the occasion.Spanning 5.7 acres, with an initial investment of Rs 210 crore, the state-of the art facility has the capacity to produce six lakh units of water heaters and heating appliances annually and will generate employment for over 500 people directly and indirectly, he said.
The most advanced technology and integrated plant will also support the export of products to neighbouring countries in the SAARC region including Bangladesh, Bhutan, Nepal, and Sri Lanka, he said the production at the plant begins with square moulded and cylindrical storage water heater models ‘Alivio’ and ‘Ezro neo’ respectively.India’s first portable water heater ‘Kweik’ by Hindware Atlantic is also being manufactured in the same plant, he informed.
After utilization of the complete capacity of the plant by next two and half years, we will also invest another Rs 150 crore for expansion, he said.with the opening of the new manufacturing plant, we are confident to optimally increase our market share, and further strengthen our position in the water heater segment.”
Currently, the whole water heater market size in the country was Rs 2300 crore and is expected to grow to around Rs 6100 crore by FY2032 owing to a rise in the adoption of personal electric water heaters in India, rapid urbanization, widespread availability of energy and rising disposable incomes, he said in addition, there is a rise in the demand for premium home appliance products among the key metros in India.Speaking on the occasion, Pierre-Louis François, CEO, Groupe Atlantic said, “We first met with Hindware more than 10 years ago, and today we are happy to take our partnership with them to the next level to create this integrated water heater company. Both Groups share the same industrial and family values and from the start of our operations in India, we knew that to succeed in such a huge and great country like India, we needed a strong local partner and that it was a must to manufacture in India.”
We believe this will be a big asset for our Indian development and contribute to reducing the energy consumption with low carbon thermal products, he said.
Having a dominant presence in manufacturing, developing, and distributing eco-friendly thermal solutions and products, Groupe Atlantic will be supporting HPL with technological expertise to produce best-in-class heating appliances, he added.
