NEW DELHI: The Indian subsidiary of German furniture fittings and hardware company Hettich plans to invest 500 crore in five years to capitalise on the growing domestic demand and make the country a global manufacturing hub for its parent.
Hettich India, a joint venture between Hettich Group and Adventz of the Saroj Poddar Group, has already spent 100 crore in setting up a plant in Vadodara.
"India is now one of our largest subsidiaries in terms of sales and will soon become a manufacturing hub as well in the near future," Andreas Hettich, global CEO of Hettich, said. The company intends to make India the base for servicing the nearby emerging markets in South Asia and Middle East.
Currently, Hettich imports its products into India. It plans to invest in research and development activities and training the Indian workforce.
Hettich, which offers fittings and hardware to cater to all segments of furniture for offices and homes, services dealers, furniture manufacturers and large project customers. It also works with interior designers and architects.
According to the company's estimates, the market size in this segment is about 3,500 crore and is growing around 15% annually. Hettich operates in 110 countries through 39 subsidiaries. It has 18 manufacturing plants across seven countries in Europe, Asia and America.