The company, which has acquired special formulae from a German-based firm, plans to manufacture the product locally on a vendor arrangement with a few units located in Kerala. For this purpose, the firm has decided to pump in about Rs 1.25 crore into the project. The products are expected to hit the market by the end of December, the company managing director Joe Antony said.

This apart, the firm is also engaged in the business of office automation and information technology and consumer durables. It is setting up two manufacturing facilities in Noida and Kochi, at a cost of Rs 40 crore and Rs 10 crore, respectively. These units will make Hi-Power range of CRT (Cathode Ray Tube) and LCD (Liquid Crystal Display) colour monitors for computers.

These factories willalso undertake assembling of LG refrigerators and washing machines following a sub-contracting arrangement with LG Electronics, Joe said. Hi-Power, which kick-started its operations last year, has set itself an ambitious revenue target of Rs 80 crore by the end of this financial year. This, however, is a consolidated income projection from all the three businesses, Joe added.