i Develop Stocks Advisory

Videocon sees overseas sales double to $600 mn in 3 yrs Videocon Industries Ltd expects overseas sales to double to $600 million over the next three years as it strives to become a global consumer appliances company, a top official said late on Wednesday. It will also spend $20 million during that period to expand its factory network globally and a similar amount on research and development (R&D), vice chairman K.R. Kim said. "Our focus is on (being a) global leader and global quality. We should have a global network and global R&D," he told Reuters in an interview. Videocon plans to set up factories in Nigeria and Tehran next year, and one in Brazil within three years, he said. It already has a factory each in Mexico and Muscat. The company, which now makes about $300 million in overseas revenue, mainly on colour televisions sales from its Italian operations, expects future growth to be driven by making and selling additional products in new markets, he said. "Now Videocon has a good reputation in the Indian market and a good market share so we want to be a global brand," he said. Over the next three months it will add an R&D centre to its Aurangabad facility, and another in Mumbai or Delhi. "The overseas market is much more competitive in terms of product quality. So we must have a much better quality, new products, so we need technology," Kim said.