New Delhi: Telecom equipment manufacturing company Shyam Telecom is expecting to double its revenues to Rs500 crore in 2008-09 and planning to set up a mobile manufacturing facility in the country in the next two years.
The company is also looking for acquisitions in Europe or Asia, including India, as part of its expansion plans and has earmarked $40-50 million (Rs160-200 crore) for the purpose.
“We are expecting a turnover of Rs500 crore in the next fiscal from the current Rs 252 crore and will set up a mobile manufacturing facility at Baddi in Himachal Pradesh in the next two years,” Shyam Telecom director N Kumbhat said.
He said the company will invest over Rs20 crore in setting up the facility as they have already purchased the land for it. Shyam Telecom is currently importing GSM handsets and selling it to the distributors.
“We sold one million mobile handsets last year and are expecting to sell 2.5 million this year,” Kumbhat said. India is adding over six million new connections every month, so the industry is growing very rapidly and we are planning to tap this opportunity, he said.
“We are in talks with 3-4 consultants for the acquisition in European or Asian market including India and expect to complete the process in the next six months,” he said.