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Micromax targets 15% share in TV panel market, to invest Rs 5 bn
Mumbai: Consumer electronics firm Micromax is aspiring to capture 15 per cent market share in the TV panel segment by next year.
The company is planning to set up a new unit to ramp up production of budget-range models by investing up to Rs 500 crore (Rs 5 billion).
The company aims to sell around 1.5 million panels in 2016 and provide the latest technology of TV viewing in an affordable price range.
“We are aiming to have around 15 per cent market share next year. Micromax is expected to sell around 1.5 million panels in 2015 with an addition of 7 per cent market share,” Co-founder Rajesh Agarwal told PTI.
At present, Micromax, which forayed into TV panel segment in 2012, has 8 per cent share of the total market, which is around 10 million units, he added.
Micromax, which has a plant in Rudrapur in Uttarakhand, is also looking to establish a new unit to ramp up its production to meet the demand.
“We are going to start a new unit, as we are thinking to have two units. We would invest around Rs 200 to 500 crore on the new unit,” Agarwal said.
Micromax’s Rudrapur unit has capacity to roll out around one lakh units per month, he added.
Presently, the company uses 50 per cent localised components for the TV unit and rest portions as glasses etc are imported. However, the company is planning to increase the local components gradually.
“By 2020, we expect to use all localised components. But it would also depend on external factors as firms like Foxconn are coming to India which would have glass production facility here,” he said.