Ossify industries, which has brand rights of Compaq's television business here, on Tuesday said it has invested Rs 225 crore to acquire a manufacturing facility at Kundli in Haryana and expects to start production by the end of 2022.
The company plans to make investments of around Rs 210 crore on infrastructure development of the facility over the next four years.
"Acquired in February 2020, the plant is currently under development and will be commissioned by Diwali of 2022," said Ossify industries in a statement.
This new manufacturing facility will cater to the domestic and international business for Compaq televisions, for which it holds licence for multiple countries and regions.
Besides, a small percentage of the production may also serve the domestic and South Asia OEM/ODM business for some prominent TV brands, the Delhi-based company added.
Ossify Industries CEO Anand Dubey said, "The acquisition of the manufacturing facility is a crucial step for us, as the company is embarking on its next phase of growth. This will help us fulfil the projected domestic demand for Compaq."
Ossify Industries has brand rights for Compaq smart television business in India and some other territories under a licence from Hewlett Packard, the parent company of Compaq.
It expect to roll out the first batch of Compaq brand TV sets in the first half of this year.
The Indian TV market is expected to be around 15 million units per annual and majority of the market is controlled by top three leading brands -- Samsung, LG and Sony.
According to a report by Counterpoint Research, shipments of TVs in the Indian market grew by 15 per cent to 15 million units in 2019.
Korean electronics major Samsung continues to lead the overall TV market, while Xiaomi is now the leader in the smart TV segment with 40 per cent growth in 2019.
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