Home grown consumer durable and electronics firm Intex Technologies has put on hold plans to establish a manufacturing facility in Telangana.
Attributing it to the “confusion” after scrapping of the high denomination currency notes, Business Head-Consumer Durables and IT Accessories Nidhi Markanday on Tuesday said the plan has taken a backseat.
“There is so much confusion”, she said. The company had been in discussion with the State Government on the proposed plant for mobile phones and LED televisions. Intex had planned to invest Rs. 400 crore - Rs. 500 crore, in phases, on the facility, she added. It was slated to be the first plant of the company in south India. The existing facilities are in north India and the company expected the upcoming facility in Greater Noida of Uttar Pradesh to be ready early next year.
Hoping the situation to improve shortly, Ms. Markanday said the demonetisation had also impacted sales of the company, with the November figures 60 per cent less compared to the previous month. Cash was the predominant mode of payment for purchase of consumer durables, be it white goods or mobile phones, in smaller cities and semi-urban areas.
Intex, which started of with IT peripherals, has expanded the product portfolio, a list dominated by mobile phones and comprising LED televisions, air purifiers, washing machines. Refrigerators are the latest addition. Three models of single door direct cooling refrigerators, with a capacity range of 170-190 litres, have been launched in the price range of Rs. 10,900 to Rs. 14,300.
Frost-free refrigerators are to be launched next, in early 2017, she said, adding south and west India were important markets for the company, contributing over 30 per cent each to the total sales. Last fiscal, the company had registered a turnover of Rs. 6,200 crore, she said.
On mobile phones, Ms. Markanday said feature phones would continue to remain popular, primarily because of their lower cost and ease of operations, among consumers. In the smart phone segment, the company would be turning its focus to 4G devices.
