Funskool bags Rs 2.5cr order from UK firm

Funskool India, a joint venture between MRF and US-based Hasbro Inc, has bagged a Rs 2.5-crore outsourcing order for toy designs from UK-based John Adam.

The company is also in talks with two other UK-based companies for outsourcing designs. It expects to finalise them in the next two months.

Addressing mediapersons on the first National Monopoly Championship scheduled to be held in India on September 18, Raphael Kuriyan, chief executive officer of Funskool India, said, "We expect these orders to grow in value terms in the coming years. This order from John Adam will be executed next year. We expect our exports to double by 2006." Exports accounted for one third of the company's total turnover of Rs 40 crore in 2003-04.

Kuriyan pointed out that though toys have a huge international market, India is yet to tap this potential. "The issues in toy exports pertain to the creation of capacity and meeting international quality standards which are difficult for small players," he said.

Kuriyan said that while the organised toy market in India is estimated to be around Rs 350 crore, it would be difficult to estimate the entire toy market as 90 per cent of the market is dominated by the unorganised players.

The winner of the National Monopoly Championship will bag a cash prize of Rs 25,000 and will be qualified to take part in the 'World Monopoly Championship02004' to be held in Tokyo. The winner of the World Championship will get a cash award of $15,140.