Power storage firm Okaya Power today announced its foray into the Indian mobile battery segment with plans to achieve a turnover of Rs 150 crore from the category by the end of this fiscal.
The Rs 600-crore group, which launched mobile batteries under the brand 'Joos', said it has invested around Rs 120 crore on setting up a plant in Himachal Pradesh with a total installed capacity to make up to 4 million units a month.
"We are focusing on the replacement battery market. We see a huge gap and a great demand for branded mobile batteries. Our target is to achieve a turnover of Rs 150 crore in our first year," Okaya Power Co-founder and Director Rajesh Gupta told reporters here.
The company said the batteries will be available in 36 models, compatible with all leading mobile handsets, and are slated to be priced between Rs 295 and Rs 995.
"The plant at Parwanoo in Himachal Pradesh, set up with an investment of Rs 120 crore, has become operational since March this year. It will have a total capacity of three-four million mobile batteries a month," Gupta said.
To push sales, the company will expand its distribution network to one lakh dealers within a year.
"We have 1,000 distributors at present, which cater to 50,000 dealers. We will subsequently increase it to one lakh dealers," Gupta said.
Besides, the company is also looking at extending the 'Joos' brand by diversifying into laptop batteries, camcorders and digital cameras within this fiscal.
"We are already working on bringing out laptop batteries. Our plan is to get into various categories, including camcorders and digital cameras, by the end of the financial year," he said.
