German consumer electronics maker Blaupunkt will invest around $300 million (Rs 2,158 crore) in television business in India in next 3 to 5 years along with its India partner, said a top company official.
The investment would be made by Blaupunkt and Trigur Electronics jointly on marketing/ branding and manufacturing at Trigur's plant in Sonepat, Haryana.
Blaupunkt, which would sell its products in Sri Lanka, Nepal, Bangladesh besides India, aims to have a business of Rs 500 crore in next 12 months.
"We have plans to invest $300 million in next 3 to 5 years. This would be together with our local partner (Trigur Electronics)," Blaupunkt Managing Director Andrzej Cebart said.
During IFA Berlin 2018 Trade Show last month, Blaupunkt officially announced to foray into the Indian market. Blaupunkt and Trigur have entered into a long-term licence agreement, he said without disclosing the time period.
"We have a long time agreement. We have a minimum 10-year vision and beyond," he said adding this has not only been created for the Indian market but also for the neighbouring countries.
Blaupunkt Tuesday introduced eight TV models in three series, ranging from Rs 12,999 to Rs 47,999. Presently Blaupunkt TVs are available in Europe, Africa, Australia, New Zealand and Israel.
The company has tied up with e-commerce major Flipkart and its TVs would be sold exclusively through this channel only.
When asked whether the company has plans to go offline or to other online channels, Blaupunkt Television India MD & CEO Karan Bedi said "We have no such plans as of now and we would continue to sell with Flipkart".
Bedi, who is also Managing Director, Trigur said the plant would have a capacity to roll out one lakh units of TV per month.
About the sales, Bedi said: "We are aiming to have Rs 500 crore revenue in next 12 months ."
The Indian TV market is estimated to be of 12 to 14 million units and is very competitive as over 25 companies are operating in the segment.
Indian smart TV market is expected to grow at 14.7 percent annually over FYs 2016-21 and by the end of 2018, the Indian television market may touch revenue of $11.78 billion, registering a growth of 12.97 percent.
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