Videocon sees sales up 25% in second half of FY10

Videocon sees sales up 25% in second half of FY10

Kolkata: Videocon Industries expects 25% sales growth in the second half of the year to March 2010, over the first half, chairman and managing director VN Dhoot said on Wednesday.

“Growth is also seen from sectors such as oil, telecom and electronics," he told reporters on the sidelines of an industry event.

The company also sees consumer durables sales growth of over 20% in the second half of FY10 over the first half of the fiscal, he added.

Commenting on the progress of its proposed steel and power plant in the eastern state of West Bengal, he said that the company has already acquired 300 acres of land of a minimum requirement of 1,000 acres, but the work will not commence unless issues over allocation of coal are sorted out.

“We would not start the project unless we get coal blocks. State government had promised that they would allocate coal blocks to us when we first came with the proposal, two years ago. However, nothing has progressed since then," Dhoot said.

However, he added, the company has no plans to relocate the project and is ready to wait till the issue is sorted out.

The proposed plant will produce 12 million tonnes of steel and 1200 MW of power with total investment of around Rs160 billion, he said.

“Now the state government has assured us that they would discuss the issue with centre."

Reacting to a local media report on Videocon manufacturing and marketing Philips televison, he said there was nothing new to it and the company had been doing it on a contractual basis.

“We have been manufacturing television for Philips on a contractual basis, and will continue to do that," he added.