| Sony India Ltd, assumes significance as Stringer had committed himself to resurrecting Sony's fortunes in the global electronics market. The company had last year identified India along with China, Brazil and Korea as its growth markets in the consumer electronics segment. |
| Stringer is the first non-Japanese CEO of Sony, and he has the task of turning around a company which posted a loss of $1 billion in 2003 and announced 20,000 job cuts. Consumer electronics accounts for nearly 65 per cent of Sony Corporation's turnover |
| According to Sony India officials, the company's new top management is keen to achieve the leadership position in these key markets in the next years. |
| "The Indian operations would remain a focus area for Sony and it would receive greater technological and management support. The mandate from the new management clearly is to become the Number One player in the country with cutting edge and high technology products," said a senior Sony India functionary. |
| Despite entering India much ahead of current market leaders such as LG and Samsung, Sony had made very little impact. According to industry estimates, the company is placed sixth in the CTV segment with market share in single digits. |
| In 2004, the company also decided to shut down its CTV and audio equipment manufacturing plant in Daruhera in Haryana and decided to rely solely on imports from countries like Thailand. |
| "The decision was part of our efforts to streamline our operations in the country. Importing would help us take advantage of the free trade agreement with Thailand and bring the latest technology products to India," the official added. |
| According to the company, its CTV sales touched 400,000 units by the end of 2004""a 50 per cent increase from the previous year. Sony India is expecting to end the fiscal year with a turnover of Rs 1,200 crore, up from Rs 800 crore achieved last year and attain sales of Rs 1,600 crore by the end of 2006. |
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