Hearing aid major, Widex India Private Limited(WIPL), the Indian subsidiary of the $250 million Widex Aps of Denmark, is looking at expanding its operations in the eastern region within the next three to four years.
The company plans to set up at leat six hearing aid centres in the eastern region within 2011-12 and rope in more hospitals and nursing homes through tie ups, with an aim of making hearing aid facility easily accessible to the people.
TS Anand, managing director of WIPL, said, "We plan to expand our presence in the eastern region by setting up at least six more hearing aid centres through the franchisee model.We are currently talking to some hospitals and nursing homes wherein we can provide facilities of hearing aid and make it more accessible to the people.We have tied up with the BP Poddar Hospital in Kolkata, for providing such a benefit and we plan to rope in more hospitals.
Currently we have two hearing aid centres in the eastern region and 27 on a pan-India basis." The investment incurred for all the six centres will be approximately Rs 1.2 crore, each centre accounting for Rs 20 lakh, added Anand.
As a part of its expansion strategy, it plans to come up with 100 of such hearing aid centres, on a pan-India basis, including the eastern region, within the same timeframe.This apart, the company also plans to scale up its multi-brand outlets from the current 200 to 500, within 2011-12, as a part of its expansion strategy.
Most of its hearing aids are sold through retail and multi-brand outlets.Currently the company mainly imports from Widex Aps and exports to Nepal and Bangladesh, exporting about 100 odd hearing aids annually, demand remaining very low, further added Anand.
This apart, Widex is also set to introduce a new hearing aid equipment, Passion in three models costing Rs 65,000, Rs 85,000 and Rs 1,35,000 respectively, with a receiver in the canal technology, which can be fitted inside the ear canal, offering better hearing ability, owing to clearer frequency.
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Another new model is Mind440 belonging to the top end segment costing around Rs 1,50,000, and only a few 1000 pieces might be sold, owing to the price, added Anand.
All of this is set to be introduced in Dubai in the first week of October and is slated to be introduced in the Indian market by October 15, 2008.
The hearing aid major also expects to clock in a turnover of Rs 28 crore by the end of this fiscal, up, from Rs21 crore last fiscal.
It currently occupies a market share of 50 per cent in the digital hearing segment.