Consumer durables firm Panasonic today said it plans to invest Rs 210 crore on marketing and promotion of flat panel TVs in India this fiscal as it aims to nearly double revenue to Rs 10,000 crore this year.
The company, which today expanded Smart TV portfolio, is also aiming to increase market share in the flat panel TV category to 15% by the end of 2012-13.
"We will be making an investment of Rs 210 crore towards marketing and promotions for this segment this year," Panasonic India Consumer Products Division Managing Director Manish Sharma told reporters here.
The firm has introduced 30 new models of LEDs, LCDs and Plasma TVs priced between Rs 13,990 and Rs 3,20,000.
"With the latest introduction in existing line up of Smart Viera, we are aiming to capture 15% market share in flat panel category in India this year," Sharma added.
According to the company, the flat panel TV segment is poised to touch 45 lakh units in 2012-13. It enjoys over 8% market share now in the category which is estimated to be around 35 lakh units annually.
Panasonic India is looking to almost double its revenue to Rs 10,000 crore from India in the 2012-13 fiscal. It reported sales of Rs 5,500 crore for the fiscal year 2011-12.
"Going forward we are looking at Rs 10,000 crore revenues from India in 2012-13," Panasonic India President Daizo Ito said.
The company expects 50% of the sales revenues to come from consumer products division and rest from other group firms, including Anchor.
When asked as to how the company plans to invest in the marketing and promotions, Sharma said more than 50% would be invested in various activities, including exhibitions and roadshows.
"The rest, which is about Rs 90 crore, would be spent on print and television ads," Sharma said.