Mohan Kant in Calcutta on Monday. A Telegraph picture

Calcutta, June 25: Khaitan Electricals expects to increase its turnover to Rs 500 crore this fiscal from Rs 310 crore last year.

The company will also invest Rs 30 crore to set up a greenfield facility in Uttaranchal to manufacture one million fans and six million compact fluorescent lamps per annum. The company entered the Rs 700-crore compact fluorescent lamp market last year.

“We expect our fan business to contribute Rs 325 crore to the projected turnover. Lighting products and electrical appliances will contribute Rs 60 crore each. While the organised fan industry grew by 19 per cent to Rs 1,600 crore, our fan business grew 40 per cent,” said Mohan Kant, vice-president (corporate), Khaitan Electricals.

Last year, Khaitan sold 2.4 million fans. The sales target this year is around 3.5 million.

The company has a production capacity of three million fans. It, therefore, needs to set up the Uttaranchal facility to meet the sales target. The company has manufacturing units in the city, Hyderabad, Faridabad and Himachal Pradesh.

Khaitan Electricals is also looking at launching retail stores, under the L-Mart name, at an investment of Rs 20 crore. These retail stores will stock the four leading brands in each category of consumer durables and home appliances along with the Khaitan products.

“We will open 20 such stores with the first one at Kanpur. Each store will have an area of 9,000 sq ft,” Kant added. Khaitan Electricals, which made domestic pumps, has test marketed agricultural pumps and is also looking at introducing rice cookers.

The Khaitan Fantasy outlets, which will house only designer fans, opened its first franchisee outlet in the city today. Another 25 Fantasy outlets will be opened across the country this fiscal.