Canon to invest Rs100 cr in India

Canon to invest Rs100 cr in India
PTI
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First Published: Thu, May 14 2009. 09 30 PM IST
Updated: Fri, May 15 2009. 09 40 AM IST
New Delhi: Digital imaging major Canon has said that it will invest Rs100 crore in India to expand operations, primarily business-to-business (B2B) activities as well as marketing and sales infrastructure. The company said that it aims a 25% growth rate in sales to clock a turnover of Rs1,000 crore by next year, with its business imaging division expected to account for 10% of total sales in the next two-three years.
“We have decided to invest Rs100 crore to expand our capital base in India. It will be utilised largely on our business solution division to expand our operations, to enhance our rental business and also on infrastructure to support our B2B for the next two years,” Canon India senior vice-president Alok Bharadwaj said.
The company, which today launched eight models of business imaging products, said that its business solution division, at present, contributes about 44% in the overall turnover and aims to increase it significantly. Among the new products introduced include its flagship model image1135 priced at Rs44 lakh.
Canon India president and CEO Kensaku Konishi said that the company expects a 25% growth rate in its turnover to touch Rs1000 crore next year. “Our business imaging solution rental division contributes about 4-5%. We plan to increase it to 10% in the next two-three years,” he added.
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First Published: Thu, May 14 2009. 09 30 PM IST