Hyundai Electronics has set a turnover target of Rs 750 crore (Rs 7.5 billion) by 2008, from the current level of Rs 100 crore (Rs 1 billion).
West Bengal would have a significant contribution to the turnover of the company as Hyundai was eyeing a 200 per cent growth from the state by the end of next year.
The size of the colour television market in West Bengal is 286,000 units annually and Hyundai's market share was at six per cent. To cater to the increasing demand, the company was also looking at increasing the number of dealers in West Bengal from 225 to 400 by the end of the current fiscal.
The Indian colour television market stood at 9.2 million last year and was expected to go up to 10 million by the end of 2005 with flat televisions accounting for 40 per cent.
The share of flat television segment stood at 22-25 per cent last year. The growth rate of the flat television segment was around 30 per cent nationally.
R Venkat, marketing head, Hyundai Electronics said that the company hoped to become one of the top three brands in the flat television segment by 2007.
According to Shivaji Mohinta, regional head of the eastern region, the company's newly-launched campaign and expanded product range were expected to push marketshare in the state to rise to 10 per cent in one year. Almost 30 per cent of the company's total business was achieved during the festive season.
To cash in on this sales spike, the company has launched a special promotional campaign for the eastern states of West Bengal, Assam and Orissa at a cost of Rs 12 crore (Rs 120 million), over and above the Rs 48 crore (Rs 480 million) promotional budget for the current fiscal.
On the anvil were product offerings like a conventional CTV priced at Rs 6,990 for the semi urban and rural segment, 21 inches slim television and digital still cameras.
Production would be augmented by the commissioning of a new plant in Uttaranchal by the middle of next year but the liquid crystal display plasma television, 22 and 26 inches would be imported from Korea.
A sum of Rs 60 crore (Rs 600 million) would be spent over three years on a new brand awareness campaign, 'creating happiness', Venkat added.
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