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Breaking News :  Micromax targets 15% share in TV panel market, to invest Rs 5 bn
Monday 20-July-2015, 19:33,
Micromax targets 15% share in TV panel market, to invest Rs 5 bn
Mumbai: Consumer electronics firm
Micromax is aspiring to capture 15 per
cent market share in the TV panel
segment by next year.
The company is planning to set up a
new unit to ramp up production of
budget-range models by investing up
to Rs 500 crore (Rs 5 billion).
The company aims to sell around 1.5
million panels in 2016 and provide the
latest technology of TV viewing in an
affordable price range.
“We are aiming to have around 15 per
cent market share next year.
Micromax is expected to sell around
1.5 million panels in 2015 with an
addition of 7 per cent market share,”
Co-founder Rajesh Agarwal told PTI.
At present, Micromax, which forayed
into TV panel segment in 2012, has 8
per cent share of the total market,
which is around 10 million units, he
Micromax, which has a plant in
Rudrapur in Uttarakhand, is also
looking to establish a new unit to
ramp up its production to meet the
“We are going to start a new unit, as
we are thinking to have two units. We
would invest around Rs 200 to 500
crore on the new unit,” Agarwal said.
Micromax’s Rudrapur unit has capacity
to roll out around one lakh units per
month, he added.
Presently, the company uses 50 per
cent localised components for the TV
unit and rest portions as glasses etc
are imported. However, the company
is planning to increase the local
components gradually.
“By 2020, we expect to use all
localised components. But it would
also depend on external factors as
firms like Foxconn are coming to India
which would have glass production
facility here,” he said.
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