Canon India eyes $152 M from digital imaging by '07

By SiliconIndia   |   Wednesday, 19 May 2004, 07:00 Hrs
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BANGALORE: Canon India said on Wednesday it aims to grow its digital imaging business revenues by over 10-fold to touch Rs 700 crore by 2007 by focusing on the mass consumer market.

Launching a series of new products in the digital imaging segment, Canon India director and general manager Alok Bharadwaj told reporters in Bangalore that the company was targeting consumers who want to turn to digital imaging from analog photography.

During 2004, he said, Canon's digital imaging business would almost double to Rs 102 crore from Rs 62 crore last year. Nearly 40 per cent of the business emerged from the southern markets.

Drawing a list of nine products in the digital imaging segment whose sales during 2003 fetched Rs 1,545 crore, Bharadwaj, quoting market analysis firm, IDC, said, the sales of those products were expected to nearly double to Rs 3,085 crore by 2007 of which digital cameras and multifunctional machines would grow fastest.

Canon India is a subsidiary of Singapore-based Canon Singapore Pte, a leader in imaging technologies.

Bharadwaj said nearly 97 per cent of the Rs 3,000 crore Indian photography market was analog and the company was aiming to convert it into digital in the long run.

Bharadwaj said the company was increasing its presence in the country by having over 250 retail points by 2004 end.

"We are expanding our presence in consumer electronics stores and shopping malls," he said.

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