Amway targets Rs.20 billion business in India by 2012
Consumer and home products direct marketing company Amway India hopes to do business worth Rs.20 billion in the country by 2012, adding more products to its portfolio, a company official said in Agartala on Tuesday.business Updated: Apr 20, 2010 16:49 IST
Consumer and home products direct marketing company Amway India hopes to do business worth Rs.20 billion in the country by 2012, adding more products to its portfolio, a company official said in Agartala on Tuesday.
"After commencing commercial operations and business with Rs.9.1 million in 1998, Amway has done business worth Rs.14 billion last year (2009) in India," company vice-president (East) Diptarag Bhattacharjee told reporters.
"We now hope to take this to Rs.17 billion this year," he said.
Amway India, a wholly-owned subsidiary of the U.S.-based Amway Corp, has invested about Rs.1.51 billion in India, of which Rs.260 million have come as foreign direct investment.
Bhattacharjee said almost all the 115 Amway products in five categories are manufactured in India through seven third-party contract manufacturers with production facilities and skills conforming to international standards.
The five categories of Amway products include personal care, home care, nutrition and wellness, Cosmetics and Great Value Products.
He said in 2009 Amway tripled production capacities at its leading vendor facility at Baddi in Himachal Pradesh.
The company is now one of the top FMCG (Fast Moving Consumer Goods) players, a feat achieved in just over 10 years of commercial operations.
"Despite economic recession in 2009, we have grown from Rs 11.28 billion to Rs 14.07 billion in 2009 and registered 25 percent growth in turnover," said Bhattacharjee.
According to him, the largest number of Amway product users in India are in the northeast.
Amway did business worth Rs.880 million in seven northeastern states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura last year.