Haier Appliances India, the Indian arm of Chinese consumer durables manufacturer Haier, aims to produce all of its products in India by the year 2016.

Producing all products locally will protect Haier Appliances India from the volatile rupee-dollar fluctuations, and help it grow further in the country.

The manufacturer reported a turnover of Rs 1,203 crore in 2012, considerably up from Rs 972 crore in the previous year. Now it aims to boost its turnover by 43 per cent to Rs 1,700 crore this year.

Eric Braganza, president of Haier Appliances India, said that the company aimed to grow its overall market share to 10 per cent in the next five years.

Speaking on the topic, Braganza said, "India is one of the fastest growing markets for Haier and our long-term plan is to grow our overall market share to 10 per cent from the current 4 per cent in India and be among the top brands in the next five years."

The company is also planning to expand its exclusive Haier experience zones and Shop-n-Shop format stores from existing 165 to 200 in the coming years.

Last week, Haier India launched a total of 79 new products across six different categories including air-conditioners, heaters, refrigerators and consumer electronics.