Luminous, which manufacturers inverters, UPS and batteries, today said it will make a foray into the mobile market by launching handsets by May this year.
The company has already earmarked around Rs 110 crore for the same, Luminous said in a statement.
Luminous will roll out its mobile handsets through brand -Wynncom- under the separate entity named Wynn Telecom.
The company is entering the fast-growing mobile handset market with a commitment of over 25 million USD as initial capital investment, it added.
Wynn Telecom will launch handsets in May this year and will target to be among the top three Indian handsets brands within next one year.
"This move is a part of the company’s strategy to offer more consumer products under the umbrella of convergence and the company aims to capture a place among the top brands," Wynn Telecom Chairman Rakesh Malhotra said.
Initially, the company will be launching seven models of dual SIM handsets in the sub Rs 5,000 price range.