V-Guard to set up three new factories, plans push in kitchen appliances, fans and air coolers
Consumer electrical and electronics major V-Guard Industries is planning to set up three more factories in Gujarat and Telangana for kitchen appliances, batteries for inverters and fans to strengthen its foray into new fast growing business segments. V-Guard, which earned about 30% of its annual sales (₹3,487 crore in FY 22) from home wiring and cables and another 15% from the legacy stabiliser business, is focusing on new business segments. “V-Guard now has 11 factories spread across India employing over 4500 people. We plan to add three more factories in Gujarat and Telangana for kitchen appliances, batteries and fans. This will entail an investment of ₹250 crore on machinery alone,” Mithun K. Chittilappilly, managing director, tells Fortune India. V-Guard is evaluating acquisition opportunities in new segments. This is to focus only on consumer electrical and electronics, which has growth opportunities in the country. V-Guard is evaluating acquisition opportunities in new segments. ...