Indian handsets manufacturer Micromax on Tuesday forayed into the home entertainment market, launching a new range of LED televisions priced between Rs 15,990 and 1,29,990.
The company is targeting 8 percent market share and plans to invest Rs 100 crore in the segment over the next three years.
"We plan to invest Rs 100 crore in the next two to three years and are targeting a market share of 8 percent in the next two years," Mukesh Gupta, director, told reporters at the launch.
The company has set up a one-lakh-square-feet manufacturing facility spread over five acres, with a production capacity of 2,000 LED TV units per day at Rudrapur, Uttrakhand.
The facility will also double up to manufacture the tablet PC funbook -- which in the last six months has received tremendous response -- and mobile accessories.
"As we move forward, we want to be the screen partner for our consumers, no matter what the screen size is. As consumer preferences evolve and they want their devices and experience to be smart and personal, we feel the future of TV will depend on user, programming, connectivity and personalisation," said Rajesh Agarwal, managing director and co-founder, Micromax.
"Compared to mobile phones, televisions are a long-term interface and consumers want these to be smart and suave, and at the same time have a seamless experience while shifting from one screen to another," he added.
The company also introduced a new range of home theatre system with 5.1 surround sound speakers, a 3D Blu Ray Player, which supports both 2D and 3D content and an Android dongle -- Micromax SMART stick.
The smart stick is aimed at consumers who wish to take their television viewing a notch higher by converting it into an Android TV.
"We have created strong brand equity through our handheld devices and have added value to our consumers. We are targeting aspirational buyers, who want to upgrade their television viewing and at the same time demand value," said Sunil Dutt Sharma, Business Head (consumer electronics), Micromax.
The firm plans to introduce the offerings initially in 9 key states -- Delhi, Haryana, Madhya Pradesh, Punjab, Maharashtra, Rajasthan, Andhra Pradesh, Karnataka and Gujarat. It will deploy a two-tier distribution channel to reach out to 170 cities and build a strong consumer connect.
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