Mumbai: The US-based leading premium audio and infotainment solutions provider, Harman International Industries, plans to invest around $100 million over the next 3-5 years to increase its footprint in India, a top company executive said.
The firm, which set up its own entity in mid-2009 in India, is eyeing a Rs1,200 crore business over the next five years, he said here.
“Considering the increasing consumer base, which invests in gadgets and leisure activities, India has become one of the lucrative markets for us. To increase our footprint in India, we plan to invest around USD 100 million over the next 3-5 years,” the company’s managing director and country manager for India operations, Lakshminarayan M, told PTI.
The disposable income with Indian consumers is expected to increase at a rate of 8.5% per annum till 2015, and this is a positive sign for the company to create a market for better gadgets for all forms of music, he said.
“India’s audio and infotainment market is around USD 250 million and is expected to double in the next 3-5 years. All these factors are very conducive for our growth. We expect our turnover to cross Rs1,200 crore over the next 5 years.”
The firm reported a Rs240-crore turnover in 2010-11.
At present, Harman employs over 200 R&D and software engineers in India and has an off-shore development centre with 400 engineers. “We plan to increase our engineering strength to 1,000 over the next five years,” Lakshminarayan said.