Canon India to invest Rs 200 crore, launch 100 products

Mumbai
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Canon India, maker of digital imaging equipment, plans to invest up to Rs 200 crore this year to launch over a hundred new products and increase customer-reach through promotions.

“We have a capex plan of Rs 100 crore for our Indian operations this (calendar) year, which includes launching over a hundred new products. It is a cash-based investment,” Canon India Pvt Ltd, president and CEO, Kensaku Konishi, said.

“That apart, we will spend about Rs 80-100 crore in advertising and promotions,” he added.

Capital requirement would be met from internal accruals and investment by Canon Singapore.

The company is also eyeing a 20-25% growth in topline each year for the next two years, Konishi said.

“Last year (2008), we clocked Rs665 crore in revenue. This year, we want to reach a turnover of Rs800 crore and susbsequently Rs1,000 crore by end 2010,” Konishi said.

Canon India also plans to augment its workforce to 760 by this year-end by hiring 60 people, Konishi said.

It has a 200-strong product portfolio, including digicams, camcorders, printers, scanners, SLR cameras and photocopiers among others.

Canon India aims to up its market share to 60% in digital SLR cameras from 50% at present, Konishi said.

The company expects government spending to increase, especially in digital scanners and printers and is thus eyeing higher revenues from public sector firms, he said.

Canon India currently has an over 3,000-strong distributor network in India.

It has manufacturing facilities in Japan, China, Vietnam and Thailand.