Canon targets $1 billion sales in India by 20151 min read . Updated: 08 Feb 2012, 10:15 PM IST
Canon targets $1 billion sales in India by 2015
New Delhi: Japanese camera and printer manufacturer Canon Inc. sees sales in India at $1billion by 2015 as it aims to generate 5% of total revenue from the country.
The company plans to promote its consumer business, business machine and medical equipment units in the country, Fujio Mitarai, chairman and chief executive of Canon Inc., told reporters on Wednesday.
The company recorded net sales of $45 billion in 2010, of which Canon India’s share was less than 1%, at around $300 million. Mitarai said the global projection for sales is 3.8 trillion yen in 2012 and Asia will account for 22%, and India less than 2%.
The company has no plans to start manufacturing products in India.
Despite the stronger yen, the company is poised for positive growth, he said.
“Sixty percent of our products are manufactured outside Japan, which we can procure at low cost," he said. “For the rest of production in Japan, we procure parts from overseas."