Sumeet group chairman Vivek Mathur said the company was entering into sourcing agreements with several European manufacturers to bring these products within six months.

The company on Thursday announced the launch of a range of small appliances such as steam irons and toasters to complement its mixer-grinder range. The white goods, like small appliances, would be marketed under the Sumeet brand, Mathur added.

``We want to become a complete appliances company,'' Mathur said, explaining these diversifications. The Rs 80-crore company is targeting an annual turnover of Rs 1,000 crore within three years. By next year, the company expects to double its turnover to Rs 170 crore. Mathur claimed the company had already reached the Rs 45-crore mark in the first half of the current year. Small appliances suchas pressure steam iron, anti-oxidation pressure cookers and toasters unveiled here are being sourced from original equipment suppliers in Europe. These products will be available in the market from January 15.

Mathur further stated that the company is also working out details to expand its manufacturing facilities to be make a host of these appliances locally and in the process become a global OEM supplier of a host of small appliances manufacturers in Europe. The expansion would be funded by internal accruals, long term credit from customers and promoters equity. The company is not considering an initial public offer for the next few years.

He further stated that Sumeet was not planning any joint ventures with any multinational players or giving with any stake in the company to the any of the foreign companies it was dealing with.

Sumeet has been working with consulting firms Arther Anderson and KPMG to chart out its future strategy. The portfolio diversification is partly a result of this year longassociation.

Elaborating on the future diversification into durable products, Mathur said the company would bringing in top of the line products which would have a niche positioning. Mathur intends to bring in products such as digital video disk players, deep freezers and heaters besides CTVs, airconditioners, refrigerators and microwave ovens. Sumeet would be giving a strong thrust to growing its exports during the next few years. ``We want to triple out exports in the next one year.'' Exports currently contribute about 8 per cent of the company's turnover.