Widex to set up institute in Chandigarh

Chandigarh-based Widex India Private Ltd, which controls over 60 per cent market share in the digital hearing aids market in India, is planning to start backward integration, which includes setting up an institute to train audiologists and a manufacturing facility for computer aided shells.

Also, it has plans to set up its new headquarter in Chandigarh. These three projects are likely to attract an investment worth Rs 8-9 crore and would be funded through internal accruals and external commercial borrowings (ECBs).

Speaking to Business Standard, Widex India Private Ltd Managing Director TS Anand said, "We are planning to set up an institute "Widex Institute for Speech & Hearing" to train audiologists in Chandigarh and would offer Bsc and Msc degree, which would be affiliated to Punjab university or Manipal university.

Apart from that we also have plans to set up a manufacturing facility for computer aided shells for hearing aids and also a head office in Chandigarh."

The company is looking for space in Chandigarh for the proposed projects. He said that all these three project would attract an investment worth Rs 8-9 crore. So far the funding part is concerned it would be a combination of internal accurals and ECBs from its partner (Widex A/S of Denmark). Widex India is a joint venture of Widex A/S of Denmark.

The company also unveiled a completely new standard in hearing aid technology""Integrated Hearing Science""for the Indian market.

The hearing aid bearing this technology is called Aikia and Flash and is the company's new flagship on the mid-sector market.

The launch of this new technology was coupled with opening of new Senso Hearing centre in Chandigarh. The centre is equipped with latest state-of-the-art diagnostic facilities and NOAH LINK technology.

Talking about the hearing aids market, Anand disclosed, "The digital hearing aids market in India is estimated to be around Rs 40 crore and is estimated to be growing at 15 per cent each year. With a market share of over 60 per cent, Widex is the largest selling brand in the hi-end digital hearing aids market in India. These hearing aids are priced between Rs 12,000 and Rs 120,000."

Widex India controls over 60 per cent market share in the digital hearing aids market in India. The company has a nationwide marketing network of 125 dealers in addition to 21 company owned exclusive Hearing and Speech Therapy Centres "" Senso Hearing Centre, which provides world-class facility to dispense hearing aids.

While disclosing other growth plans of Widex India, Anand said, "We have plans to open 3 more exclusive Senso Hearing centers on the franchisee model in cities like Ahmedabad, Mohali and Kolkata this year."