Hyundai Electronics India Ltd has unveiled aggressive marketing plans for generating revenues of Rs 600 crore in 2005-06. Last fiscal, it notched a turnover of Rs 100 crore.
The company, which has launched its range of flat screen colour televisions, DVD players, home theatres and air-conditioners in the Indian market, has proposed to invest Rs 100 crore in a manufacturing facility that would be located in Uttaranchal.
Addressing a news conference here , Mr Shivaji Mohinta, Assistant General Manager (East) of Hyundai Electronics India Ltd, said the company currently sources its products for India from original equipment manufacturers who have been appointed for the purpose.
Around 70 per cent of the company's turnover is accounted for by sales of flat screen CTVs.Mr Mohinta said Hyundai Electronics India currently has a two per cent share of the domestic market for CTVs. With the addition of conventional televisions to its product range in the months ahead, the company is hopeful of augmenting its CTV market share to 10 per cent within a year. The Indian base of Hyundai will export products to SAARC countries. Hyundai India has also planned to introduce its range of frost-free refrigerators and microwave ovens by March 2006.
According to the official, a brand-building, advertising and promotional budget of Rs 60 crore has been earmarked for the current fiscal. Of this, Rs 12 crore will be spent on the `Hyundai Pe Hyundai' campaign during the ensuing festive season (from Durga Puja to Diwali.) As part of the campaign, customers will be entitled to gifts such as motor cycles, foreign trips, Hyundai LCDs and VCDs, travel bags, wrist watches and radios on the purchase of every Hyundai product. The company expects 30 per cent of the total targeted sales volumes for 2005-06 to be generated during the festive season.
At the end of the offer period, Hyundai Electronics India will launch a theme-based campaign labelled `Creating Happiness,' around which the brand would be built, said Mr R. Venkat, the company's Assistant General Manager (Marketing).