Brands
Voltas mulls brand extension; may diversify in consumer goods space
KOLKATA: The Tata group-owned cooling company, Voltas, is planning to extend its brand into other product categories. The company may consider diversification in the consumer durables and electronics segment. According to the company, a call is likely to be taken by December this year.
Voltas is presently conducting a study in association with the group owned TSMG for extension of product line.
“Studies are on but we cannot peg a time or name any category. By the end of this year, we might have some idea about extending the brand. We are planning to go for brand extension,” said Voltas CEO – unitary products division Pradeep Bakshi.
However, Bakshi did not mention when the study is likely to be completed.
Also, the company is eyeing further expansion into the overseas market in the Middle East and Africa.
“Our target is to export at least 1,00,000 units in a year over the course of the next two years, which will account for 10 per cent of the annual sales,” Bakshi said.
The company is presently exporting between 25,000 and 30,000 units to its overseas operations annually, which accounts for roughly five per cent of the annual sales.
Voltas will also go for marginally hiking its prices of air conditioners by two—three per cent in face of rising forex imbalance and government taxes by mid-February. “Our forex and government taxes have gone up by five per cent. While we will absorb a part of this, the prices of our air conditioners (AC) will go up by two—three per cent in the middle of February,” Bakshi said.
In case taxes go up further, which will add to input cost, the retail prices of the ACs may head further north, he added.
Experts feel that the Union Budget 2016 is likely to lay out a roadmap for what is important for the BJP-led government at the Centre.
While the company continues to enjoy market leadership position in the AC segment at 25 per cent by sales figures, its biggest challenge is lack of diversified products. It should be noted that Voltas had quit the consumer refrigeration business in 1998-99.
Voltas registered an annual growth rate of 12 per cent selling nearly one million ACs in 2014 and is optimistic about closing the current fiscal on a good note.
“We are also focusing on strengthening our channel partner base and opt for brand shops to further increase our presence,” Bakshi said.
Brands
Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
