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
Muthoot FinCorp names Arun Kumar COO & Harjit Singh Takkar chief distribution officer
Leadership hires to boost operations and widen pan-India reach
THIRUVANANTHPURAM: Muthoot FinCorp has strengthened its top deck with the appointment of Arun Kumar B as chief operating officer and Harjit Singh Takkar as chief distribution officer, sharpening its focus on scale, speed and service as it pushes into its next phase of growth.
The flagship financial services arm of the 138-year-old Muthoot Pappachan Group, popularly known as Muthoot Blue, is expanding both muscle and mindset. With more than 3,750 branches nationwide and its digital platform, the Muthoot FinCorp ONE app, the company is betting on tighter execution and wider reach to stay ahead in an increasingly competitive lending market.
Arun Kumar B steps in with nearly two decades of experience cutting across financial services, technology transformation and customer analytics. He previously worked with CreditAccess Grameen, where he led enterprise-wide technology and data strategy initiatives and played a pivotal role during a major merger in the microfinance space. His work spanned integrating operations and products while scaling lending and non-credit offerings such as insurance and pensions.
At Muthoot FinCorp, Arun will steer operational excellence and strategic growth initiatives, aligning teams and processes to deliver sharper efficiency across the business. A gold medallist from Anna University and a postgraduate from IIM Indore, he also holds certifications in design thinking, Blue Ocean Strategy and business analytics.
Harjit Singh Takkar takes on the newly created role of chief distribution officer, reporting directly to the chief executive officer. The position is designed to energise the company’s distribution engine and bring greater governance and agility across its branch network.
Takkar brings over 28 years of retail banking experience, having held senior leadership roles at IndusInd Bank, Bandhan Bank, Yes Bank and ICICI Bank. Known for scaling branch networks and building high-performing teams, he combines distribution expertise with governance depth as a qualified company secretary with a master’s degree in finance and control.
In his new role, Takkar will oversee branch business and distribution channels, with a clear brief to expand reach, lift productivity and reinforce the company’s pan-India presence.
Commenting on the appointments, Muthoot FinCorp Ltd. chief executive officer Shaji Varghese, said the company continues to invest in leadership as it scales. “Our purpose is to improve the financial well-being of the common man. As we grow, strengthening leadership across key functions is important to ensure consistency in execution and customer experience,” he said.
With complementary strengths in operations and distribution now in place, Muthoot FinCorp appears set to move from steady expansion to sharper acceleration, backed by people, process and technology working in concert.
