Mirc Electronics, makers of Onida brand products, will commission a new TV panel plant in Maharashtra at an investment of USD 1-2 million. The plant will be operational in four months.
Speaking to media persons at the launch of 84 Onida inverter air-conditioners, Gulu Mirchandani, Chairman, said the plant will have capacity of five lakh in addition to the 15-lakh for assembling conventional TV in its existing plant in Maharashtra. “Currently, we are making only Onida brand. As we increase the capacity, we are exploring contract manufacturing opportunities as well,” he added. The company will fund the expansion through internal resources.
For the Rs 800-crore company, ACs and TVs are major revenue contributors at 40 percent each and washing machine and microwave contribute about 20 percent. Onida has a market share of 8 percent in the AC segment.
With the new range of inverter AC, the company expects to increase its sales. “We are looking at refrigerator and home appliances market as well. But we are waiting for the budget to finalize the plans,” Mirchandani said.
Onida brand, famous for its Onida Devil mascot, will also assume new brand identity that will focus on ‘Owner’s Pride’ rather than ‘neighbor’s envy’. “We will launch the new mascot in March,” he added. The company is investing Rs 15 crore for the same. – The Hindu Business line