Mobile phone and tablet manufacturer Micromax has now ventured into the competitive home entertainment segment in India, with the launch of its LED TVs and home theater system. Statistics show that around 17 million TVs were sold in India in the year 2011.
In terms of traditional CRT TVs, the Indian brands have considerable market share, but in terms of the flat panel TVs, the market is dominated by foreign brands such as LG, Samsung, Sony among others. Rajesh Agarwal, the Managing Director of Micromax said, “We are looking at capturing 8-10% of the overall television market in India by 2014.In the next two-three years, we expect to log Rs 1,000 crore revenues from the consumers electronics segment”.
According to our sources, the new division of consumer electronics systems will manufacture TVs and home theater systems, and will operate as a separate business unit from within Micromax. Agarwal added, ”We will have a separate business head, channel partners and distributors for our consumer electronics products”.
Micromax will be investing about Rs. 100 crores in the consumer electronics division in the next three years. The company has also set up a manufacturing facility in Rudrapur in India, which will have the capacity to manufacture 2,000 LED TVs per day. The facility will also be used to manufacture tablets and other accessories.
