Digital imaging firm Canon India today said it will invest around Rs 1,000 crore over the next five years for promoting its business in the country as it aims to become a billion dollar firm by 2015.
"Canon India is expected to registered a growth of over 43 per cent in the current year. However, seeing the robust growth in our operations over the past few years, we are now targeting to become a billion dollar firm by 2015," Canon India Senior Vice-President Alok Bhardwaj told PTI.
He said last year, Canon reported a revenue of around Rs 839 crore. However, riding on aggressive marketing strategies and new product launches, it is expecting over an increase of over 43 per cent in overall revenue to Rs 1,200 crore.
"To achieve a turnover of billion dollar (Rs 4,500 crore) by 2015, we will be investing around Rs 1,000 crore in the next five years," Bhardwaj said.
Around 80 per cent of the proposed investment will be for promotions and other marketing activities, while the company would invest the remaining 20 per cent in improving marketing infrastructure, such as setting up Wi-Fi zones and exclusive showrooms.
Asked about funding the investments, he said these investments will be met through internal accruals and contributions from the parent company.
The company said the digital camera business would be the main driver of its business in the country, followed by its IT peripheral products, such as printers.
"Besides this, the company is hopeful that the Indian economy will grow at around 8 per cent for the next few years and this will generate enough demand for our products, particularly as IT penetration is growing in the country," Bhardwaj said.
The company today announced the launch of 15 new products in the printer segment, which takes the total number of products under its portfolio in the segment to 85.
"With the launch of these new products, Canon expects the new products to contribute over 50 per cent to the printer division's revenues in 2010," he said.