At least forty senior and middle-level managers at Wipro - the country's third-biggest tech firm undergoing a rejig under the new CEO, TK Kurien - have quit over the past few weeks, as the company attempts to create a leaner organisation focused on fewer strategic bets.
People familiar with these exits told ET that those leaving Wipro include at least half a dozen senior officials across business units, several general managers apart from few dozen junior managers.
Having scrapped the joint CEO model, Wipro plans to do away with any redundancies that existed because of different teams reporting to the two CEOs. Moreover, closer alignment of business units with sales and delivery teams means several overlaps in managers involved with these functions.
'It was always coming - the good thing is that there are enough opportunities this year,' said a person who quit Wipro a few weeks ago. He requested anonymity.
Wipro's attempts to create a more focused organisation better equipped to fend off rivals such as Cognizant is expected to help the company regain lost ground and make substantial progress in markets like healthcare that offer multi-billion business opportunities.
In a year when new business is not hard to come by, companies such as Wipro are realigning their strategic bets. They are putting the best talent to execute their plans
"Believer - Humanitarian - Habit of Success" Sukumar Balakrishnan is the Founder of JB GROUP, a 500 Crore National Organization with over 150 Direct & 1200 indirect professionals operating from 5 major cities in India. Jayalakshmi Balakrishnan Group, a multi-faceted group venturing into, E- Commerce and Import-Export (INNOKAIZ), Retail and Wholesale (JB MART), Food and Beverages (KRISHNA FOODS ), Real Estate (Constructions on sites, Interior scaping, Facility Management)
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Thursday, April 7, 2011
Google to finance $100 million worth of original programs for YouTube
Google plans to create 20 special channels on its YouTube site, and will spend $100 million to create original programming to populate them, according to sources who talked with the Wall Street Journal.
Like Netflix announced last month, Google wants to create its own streaming video programs, however, according to the WSJ sources, the company will create low-cost programming designed specifically for the web and YouTube, and support the shows with advertising. The sources said this will be a “major overhaul” to YouTube, which already has a lucrative advertising system in place.
It was unclear when Google would begin spending the money to create the new programs, but the source said that Google has visited top Hollywood talent agencies in search of ideas, and will probably end up making deals with production companies and directors to produce the content.
Good move, Google. The direction broadcast television is taking is beginning to look obvious, where web-connected screens are finding their way into the living room and home theater in ever-increasing numbers. In addition to a plethora of set top boxes, many new TV sets are equipped with Internet connections, and Google’s own Google TV hardware is starting to make sense in light of this latest initiative.
With original content produced specifically for the web inserted into the battle for viewers, it’s going to be more difficult for cable TV, broadcast and satellite TV to dominate television broadcasting as they still do. Now, instead of 500 channels and nothing on, there will be 5 million channels, and if Google has anything to do with it, there will be something on. It might be cats playing the piano — now dressed up in tuxedos because of their expanded budget — but it will be something. And that something is just the beginning
Like Netflix announced last month, Google wants to create its own streaming video programs, however, according to the WSJ sources, the company will create low-cost programming designed specifically for the web and YouTube, and support the shows with advertising. The sources said this will be a “major overhaul” to YouTube, which already has a lucrative advertising system in place.
It was unclear when Google would begin spending the money to create the new programs, but the source said that Google has visited top Hollywood talent agencies in search of ideas, and will probably end up making deals with production companies and directors to produce the content.
Good move, Google. The direction broadcast television is taking is beginning to look obvious, where web-connected screens are finding their way into the living room and home theater in ever-increasing numbers. In addition to a plethora of set top boxes, many new TV sets are equipped with Internet connections, and Google’s own Google TV hardware is starting to make sense in light of this latest initiative.
With original content produced specifically for the web inserted into the battle for viewers, it’s going to be more difficult for cable TV, broadcast and satellite TV to dominate television broadcasting as they still do. Now, instead of 500 channels and nothing on, there will be 5 million channels, and if Google has anything to do with it, there will be something on. It might be cats playing the piano — now dressed up in tuxedos because of their expanded budget — but it will be something. And that something is just the beginning
HCL Info bags Indian Railways broadband project
HCL Infosystems Ltd said it won a contract to provide broadband internet connectivity to Indian Railways through state-run RailTel Corp of India Ltd , but did not give the value.
The project will provide internet service to various railway offices and residences at 108 locations across the country, supporting about 30,000 users, HCL Info said in a statement.
HCL shares were up 3.5 per cent at 110.45 rupees on a weak Mumbai market.
The project will provide internet service to various railway offices and residences at 108 locations across the country, supporting about 30,000 users, HCL Info said in a statement.
HCL shares were up 3.5 per cent at 110.45 rupees on a weak Mumbai market.
BlackBerry phones hit by ZeuS Trojan virus
you thought your phone is virus-proof, think again. There is a virus on the block that has started affecting all BlackBerry devices. And the worse part is that a user will never know whether her phone has been affected or not.
Amit Nath, country manager, India and SAARC at Trend Micro, claims researchers at the firm were alerted to the discovery of a ZeuS Trojanspecifically targeting BlackBerry users. It aims to monitor users' private information especially when they conduct mobile banking, says Nath.
'It does not display any graphical user interface that can prompt users about the infection. Instead, it removes itself from the list of applications. The virus can view, delete and forward text messages, block calls, change the administrator on the device and block phone numbers. It allows the hacker to change the telephone number the device sends all the data to in the event that it gets shut down,' he said.
'Although there is no definite data on how many phones have been hit, we are sure it is spreading fast even in India. However, as users mostly don't get to know they have been infected, it's difficult to fix a number. We have detected instances of the virus on our clients' networks. This virus has the capability of spreading on its own and infecting phones that do not have antivirus software installed,' Nath points out.
Jagannath Patnaik, director, channel sales south Asia at Kaspersky Lab, says, 'There has been a new wave of malware attack that has started affecting BlackBerry and it has originated fromPoland. The aim is to extract banking passwords.'
An email sent to Research In Motion, manufacturers of BlackBerry phones, went unanswered despite repeated reminders. Trend Micro Researchers, the ZeuS Trojan is capable of blocking calls, registering a new administrator, adding and removing sender, switch the phone on or off remotely and, most important, hiding text messages and sending it to the hacker without the user's knowledge.
Abhijit Limaye, director, development at Symantec, said, 'BlackBerry has a reputation as being a secure platform. However, it is still susceptible to malware threats and has issued advice documentation for customers to minimise risks. They have also released software applications to help customers protect their data.'
Vinoo Thomas, technical product manager at McAfee Labs, said, 'While Trojan virus can replicate and spread on its own, there are a few spyware that needs to be loaded manually. One can buy the spyware programs like MobiSpy, MobiStelath and FlexiSpy for between $40 and $80
Amit Nath, country manager, India and SAARC at Trend Micro, claims researchers at the firm were alerted to the discovery of a ZeuS Trojanspecifically targeting BlackBerry users. It aims to monitor users' private information especially when they conduct mobile banking, says Nath.
'It does not display any graphical user interface that can prompt users about the infection. Instead, it removes itself from the list of applications. The virus can view, delete and forward text messages, block calls, change the administrator on the device and block phone numbers. It allows the hacker to change the telephone number the device sends all the data to in the event that it gets shut down,' he said.
'Although there is no definite data on how many phones have been hit, we are sure it is spreading fast even in India. However, as users mostly don't get to know they have been infected, it's difficult to fix a number. We have detected instances of the virus on our clients' networks. This virus has the capability of spreading on its own and infecting phones that do not have antivirus software installed,' Nath points out.
Jagannath Patnaik, director, channel sales south Asia at Kaspersky Lab, says, 'There has been a new wave of malware attack that has started affecting BlackBerry and it has originated fromPoland. The aim is to extract banking passwords.'
An email sent to Research In Motion, manufacturers of BlackBerry phones, went unanswered despite repeated reminders. Trend Micro Researchers, the ZeuS Trojan is capable of blocking calls, registering a new administrator, adding and removing sender, switch the phone on or off remotely and, most important, hiding text messages and sending it to the hacker without the user's knowledge.
Abhijit Limaye, director, development at Symantec, said, 'BlackBerry has a reputation as being a secure platform. However, it is still susceptible to malware threats and has issued advice documentation for customers to minimise risks. They have also released software applications to help customers protect their data.'
Vinoo Thomas, technical product manager at McAfee Labs, said, 'While Trojan virus can replicate and spread on its own, there are a few spyware that needs to be loaded manually. One can buy the spyware programs like MobiSpy, MobiStelath and FlexiSpy for between $40 and $80
Thursday, March 17, 2011
Kingfisher, Paramount in default of payment to AAI
NEW DELHI: Kingfisher and Paramount are defaulting airlines in payment to the Airports Authority of India for services including landing charges, parking and housing charges and licence fees for space/land allotments.
"The dues outstanding by these two airlines as on February 28, 2011, was Rs 255 crore on Kingfisher Airlines and Rs 4.88 crore on Paramount Airways," Civil Aviation Minister Vayalar Ravi said in the Lok Sabha during the Question Hour.
The charges/fee levied by AAI on the private airlines annually are landing charges, parking/housing charges, route navigation facility charges, terminal navigation landing charges and licence fees for space/land allotment.
The minister said that only Kingfisher Airlines and Paramount Airways are in default.
The AAI has taken action against these entities and they have been asked to clear the over dues in a time bound manner.
Penal interest is being charges on account of delay in the settlement of bills, Ravi said adding that in case of continued default, AAI proposes to encash the security deposit and put the airlines in "cash and carry" mode
"The dues outstanding by these two airlines as on February 28, 2011, was Rs 255 crore on Kingfisher Airlines and Rs 4.88 crore on Paramount Airways," Civil Aviation Minister Vayalar Ravi said in the Lok Sabha during the Question Hour.
The charges/fee levied by AAI on the private airlines annually are landing charges, parking/housing charges, route navigation facility charges, terminal navigation landing charges and licence fees for space/land allotment.
The minister said that only Kingfisher Airlines and Paramount Airways are in default.
The AAI has taken action against these entities and they have been asked to clear the over dues in a time bound manner.
Penal interest is being charges on account of delay in the settlement of bills, Ravi said adding that in case of continued default, AAI proposes to encash the security deposit and put the airlines in "cash and carry" mode
Navi Mumbai Metro work to begin by May
MUMBAI: Maharashtra Government today said that it planned to start work on the first phase of Navi Mumbai Metro by May this year.
The first phase will comprise 11.15 km route from Belapur to Pendhar, along the Belapur-Kharghar-Taloja-Kalamboli -Khandeshwar line, which will be completed in three phases, Minister of state for Urban development , Bhaskar Jadhav, told the Legislative Assembly today.
Jadhav said tenders have been received by CIDCO, the implementing agency, for the 11.15 km route, and the actual work will start by May and will be completed by August 2014.
The remaining two phases are proposed to be started in 2015-16.
He said the land needed for constructing the Metro beyond the 11.15 km route has not been transferred to CIDCO by MIDC yet.
Delhi Metro Rail Corporation ( DMRC )) had proposed six line Metro corridor: Uran-Ranjanpada-Nerul, Belapur-Taloja-Airport, Vashi-Nerul-Panvel, Ranjanpada-Kharkopar-Seawoods, Dighe-Turbhe-Belapur and Vashi-Ghansoli-Mahape.
NCP legislators Shashikant Shinde and Jeetendra Awhad criticised the government for excluding Vashi,Kopharkhairne, Ghansoli, Airoli and Digha routes.
They said these areas have considerable middle-class population, which depends on mass rapid transit system.
The routes should be re-worked, they demanded. Jadhav said he would discuss this with the Chief Minister and the Deputy Chief Minister.
The first phase will comprise 11.15 km route from Belapur to Pendhar, along the Belapur-Kharghar-Taloja-Kalamboli -Khandeshwar line, which will be completed in three phases, Minister of state for Urban development , Bhaskar Jadhav, told the Legislative Assembly today.
Jadhav said tenders have been received by CIDCO, the implementing agency, for the 11.15 km route, and the actual work will start by May and will be completed by August 2014.
The remaining two phases are proposed to be started in 2015-16.
He said the land needed for constructing the Metro beyond the 11.15 km route has not been transferred to CIDCO by MIDC yet.
Delhi Metro Rail Corporation ( DMRC )) had proposed six line Metro corridor: Uran-Ranjanpada-Nerul, Belapur-Taloja-Airport, Vashi-Nerul-Panvel, Ranjanpada-Kharkopar-Seawoods, Dighe-Turbhe-Belapur and Vashi-Ghansoli-Mahape.
NCP legislators Shashikant Shinde and Jeetendra Awhad criticised the government for excluding Vashi,Kopharkhairne, Ghansoli, Airoli and Digha routes.
They said these areas have considerable middle-class population, which depends on mass rapid transit system.
The routes should be re-worked, they demanded. Jadhav said he would discuss this with the Chief Minister and the Deputy Chief Minister.
40 SEZ developers seeks more time to implement projects
NEW DELHI: Reflecting lack of enthusiasm for the special economic zones, over 40 developers including Parsvnath SEZ Ltd and Ranbaxy Laboratories have sought more time from the government for implementing their projects.
Reliance Haryana SEZ Ltd has also requested for additional time from the Board of Approval (BoA), headed by Commerce Secretary Rahul Khullar, the BoA agenda said.
BoA, a 19-member inter-ministerial body that deals with special economic zones (SEZs) related matters, is scheduled to meet on March 25.
Another three promoters have approached the Commerce Ministry for surrendering their projects, citing global economic uncertainty as the reason.
Maharashtra Industrial Development Corporation has approached the BoA for surrendering its sector specific tax free enclave at Solapur, the agenda said.
Gujarat Hydrocarbons and Power SEZ Ltd, which was planning to set up a sector specific SEZ in Gujarat sought "...withdrawal of formal approval due to uncertainty in the international market and in the legal framework governing SEZs".
According to an industry expert, uncertainty over tax exemptions to new SEZs has also led to declining interest in the tax free enclaves. Investors are very apprehensive about the new draft Direct Taxes Code (DTC).
According to the revised DTC draft, which will replace the Income Tax Act of 1961, tax exemptions for SEZs will be confined to the existing units.
The developers who have sought more time to implement their projects, include Mangalore SEZ Ltd , Ansal IT City and Parks Ltd and IFFCO Kisan SEZ Ltd.
Reliance Haryana SEZ Ltd, which is in the process of land acquisition, has requested for extension of in-principle approval up to March 2015 stating that land acquisition is a time consuming process.
It has requested Haryana government to acquire balance land for enabling contiguous land parcel of minimum 1,000 hectares so as to start development activity.
Reliance Haryana SEZ Ltd, which is planning to set up multi-product SEZ at Gurgaon at an area of 5,000 hectare, has acquired 1,060 hectares of land.
"In this case the validity of the in-principle approval has expired on March 2009. The developer has become due (for) fifth extension. BoA is to consider granting extension...," the agenda added.
Minister of State for Commerce and Industry Jyotiraditya Scindia has recently said in a written reply to Rajya Sabha that as much as 203 special economic zone developers have been given more time to execute their projects.
The minister had also said that 23 SEZ developers have surrendered their projects due to the impact of global economic meltdown.
Reliance Haryana SEZ Ltd has also requested for additional time from the Board of Approval (BoA), headed by Commerce Secretary Rahul Khullar, the BoA agenda said.
BoA, a 19-member inter-ministerial body that deals with special economic zones (SEZs) related matters, is scheduled to meet on March 25.
Another three promoters have approached the Commerce Ministry for surrendering their projects, citing global economic uncertainty as the reason.
Maharashtra Industrial Development Corporation has approached the BoA for surrendering its sector specific tax free enclave at Solapur, the agenda said.
Gujarat Hydrocarbons and Power SEZ Ltd, which was planning to set up a sector specific SEZ in Gujarat sought "...withdrawal of formal approval due to uncertainty in the international market and in the legal framework governing SEZs".
According to an industry expert, uncertainty over tax exemptions to new SEZs has also led to declining interest in the tax free enclaves. Investors are very apprehensive about the new draft Direct Taxes Code (DTC).
According to the revised DTC draft, which will replace the Income Tax Act of 1961, tax exemptions for SEZs will be confined to the existing units.
The developers who have sought more time to implement their projects, include Mangalore SEZ Ltd , Ansal IT City and Parks Ltd and IFFCO Kisan SEZ Ltd.
Reliance Haryana SEZ Ltd, which is in the process of land acquisition, has requested for extension of in-principle approval up to March 2015 stating that land acquisition is a time consuming process.
It has requested Haryana government to acquire balance land for enabling contiguous land parcel of minimum 1,000 hectares so as to start development activity.
Reliance Haryana SEZ Ltd, which is planning to set up multi-product SEZ at Gurgaon at an area of 5,000 hectare, has acquired 1,060 hectares of land.
"In this case the validity of the in-principle approval has expired on March 2009. The developer has become due (for) fifth extension. BoA is to consider granting extension...," the agenda added.
Minister of State for Commerce and Industry Jyotiraditya Scindia has recently said in a written reply to Rajya Sabha that as much as 203 special economic zone developers have been given more time to execute their projects.
The minister had also said that 23 SEZ developers have surrendered their projects due to the impact of global economic meltdown.
Nirula's aims 50 outlets in 1 year, overseas expansion by 2013
NEW DELHI: Quick-service restaurant chain Nirula's today said it will open 50 new outlets in the next 12 months across India, entailing an investment of Rs 15-20 crore, besides planning an international expansion by 2013.
"Nirula's will expand into seven new cities in India in the next 12 months, including Patna, Dehradun, Pune and Baroda to open 50 new outlets. The company will invest about Rs 15-20 crore along with the franchisees for expansion," Nirula's CEO and MD Samir Kuckreja told PTI.
Of the upcoming restaurants, about 50 per cent will be company owned and the rest run by franchisees.
Commenting on international expansion, Kuckreja said the company is eyeing overseas presence in the next three years.
"In the past we have had successful operations in Nepal and Oman. We have plans to expand in markets outside in India by 2013 fiscal. We would look at the SAARC countries such as Sri Lanka, Bangladesh, Nepal, Pakistan and also the Middle East," he said.
Currently, Nirula's operates 85 outlets in eight cities in India and claims to be growing at a CAGR of 20-25 per cent in the last five years.
For domestic expansion, the company will set up outlets in malls and high streets besides tapping other avenues such as highways, metro stations, hospitals and airports.
"Nirula's will expand into seven new cities in India in the next 12 months, including Patna, Dehradun, Pune and Baroda to open 50 new outlets. The company will invest about Rs 15-20 crore along with the franchisees for expansion," Nirula's CEO and MD Samir Kuckreja told PTI.
Of the upcoming restaurants, about 50 per cent will be company owned and the rest run by franchisees.
Commenting on international expansion, Kuckreja said the company is eyeing overseas presence in the next three years.
"In the past we have had successful operations in Nepal and Oman. We have plans to expand in markets outside in India by 2013 fiscal. We would look at the SAARC countries such as Sri Lanka, Bangladesh, Nepal, Pakistan and also the Middle East," he said.
Currently, Nirula's operates 85 outlets in eight cities in India and claims to be growing at a CAGR of 20-25 per cent in the last five years.
For domestic expansion, the company will set up outlets in malls and high streets besides tapping other avenues such as highways, metro stations, hospitals and airports.
ONGC's cover may cost more
MUMBAI: ONGC India is expected to face a 'hard' market when it approaches international underwriters next week to renew its $28.5 billion insurance policy. ONGC is the holder of the biggest insurance policy in India.
On the other hand, Reliance Industries-the largest private sector insurance policy holder-has managed to get its policy renewed without any significant hike in rates since its contract fell due more than a fortnight before the deadly earthquake struck Japan.
Last year, ONGC was fortunate as its policy was renewed weeks before BP Deepwater Horizon explosion, which caused a massive oil spill in the Gulf of Mexico pushing up rates for offshore rigs worldwide. For 2010-11, ONGC managed to insure its offshore assets which were worth well over $26.5 billion for $30 million. The policy was renewed because of support provided by international reinsurers.
This year the state-owned company has shortlisted United India Insurance, which has appointed top international broking firms, including Aon, Marsh and JWT, to help it secure cover from international reinsurers. Reliance Industries has had its policy renewed by New India and ICICI Lombard.
Other Indian companies which have their policies due for renewal in April are finding that they may have to wait for a while. "Most reinsurers have put on hold quoting for risks until they have a better assessment of their own exposure to the loss," said Gaurav Garg, MD, Tata AIG General Insurance.
"However, there is a possibility that India might still emerge as an attractive market to Cat (catastrophe) reinsurers as compared to some other markets," said Garg. This was because there have not been many major disasters in recent years and also the fact that whenever there have been disasters, insurance losses have not been very high because of the low level of insurance penetration.
For insurance buyers, the earthquake will only compound their woes. End-March insurance companies were hit by a Rs 3,500 crore provisioning required to be made on their motor-third party insurance portfolio. This provisioning will erase profits and reduce the capacity of insurance companies to provide cover. Now with reinsurers increasing the pressure from the other end, insurers will be forced to increase prices wherever possible.
Japanese reinsures like Sumitomo have emerged major underwriters in the international market in recent times. It is not clear whether the capacity of these Japanese underwriters will take a hit in light of domestic losses.
On the other hand, Reliance Industries-the largest private sector insurance policy holder-has managed to get its policy renewed without any significant hike in rates since its contract fell due more than a fortnight before the deadly earthquake struck Japan.
Last year, ONGC was fortunate as its policy was renewed weeks before BP Deepwater Horizon explosion, which caused a massive oil spill in the Gulf of Mexico pushing up rates for offshore rigs worldwide. For 2010-11, ONGC managed to insure its offshore assets which were worth well over $26.5 billion for $30 million. The policy was renewed because of support provided by international reinsurers.
This year the state-owned company has shortlisted United India Insurance, which has appointed top international broking firms, including Aon, Marsh and JWT, to help it secure cover from international reinsurers. Reliance Industries has had its policy renewed by New India and ICICI Lombard.
Other Indian companies which have their policies due for renewal in April are finding that they may have to wait for a while. "Most reinsurers have put on hold quoting for risks until they have a better assessment of their own exposure to the loss," said Gaurav Garg, MD, Tata AIG General Insurance.
"However, there is a possibility that India might still emerge as an attractive market to Cat (catastrophe) reinsurers as compared to some other markets," said Garg. This was because there have not been many major disasters in recent years and also the fact that whenever there have been disasters, insurance losses have not been very high because of the low level of insurance penetration.
For insurance buyers, the earthquake will only compound their woes. End-March insurance companies were hit by a Rs 3,500 crore provisioning required to be made on their motor-third party insurance portfolio. This provisioning will erase profits and reduce the capacity of insurance companies to provide cover. Now with reinsurers increasing the pressure from the other end, insurers will be forced to increase prices wherever possible.
Japanese reinsures like Sumitomo have emerged major underwriters in the international market in recent times. It is not clear whether the capacity of these Japanese underwriters will take a hit in light of domestic losses.
LG to invest Rs 1,500 cr on marketing, manufacturing this year
NEW DELHI: Korean consumer durables maker LG Electronics today said it will invest Rs 1,500 crore in India this year to ramp up production and market the brand.
"We will invest Rs 800 crore to increase our manufacturing capacity this year and another Rs 700 crore on brand building and marketing activities," LG Electronics India Pvt Ltd (LGEIL) COO Y V Verma told PTI.
The investment will be aimed at achieving the turnover target of Rs 20,000 crore set by LGEIL for 2011.
"We did around Rs 16,000 crore last year and this year we are targeting a 25 per cent increase in the total turnover at Rs 20,000 crore," Verma said.
He said the company would focus on product categories such as flat panel TVs, air conditioners and mobile phones to drive growth in India.
Commenting on manufacturing capacity expansion, Verma said the company is setting up a new production line at its existing facility in Pune for refrigerators.
"We are also increasing capacity for other products such as LCD TVs," he added without giving details.
On marketing front, LGEIL has been investing funds to position the brand LG as a premium brand.
"The Rs 700 crore marketing budget would be focused on positioning the brand in the premium segment," Verma added.
With an intention to expand reach of its products in rural markets, the company has identified 16 states in the country to conduct consumer research.
"We have identified 16 states, including Andhra Pradesh, UP and Punjab, to understand consumer demand in rural markets and enhance our distribution network," Verma said.
"We will invest Rs 800 crore to increase our manufacturing capacity this year and another Rs 700 crore on brand building and marketing activities," LG Electronics India Pvt Ltd (LGEIL) COO Y V Verma told PTI.
The investment will be aimed at achieving the turnover target of Rs 20,000 crore set by LGEIL for 2011.
"We did around Rs 16,000 crore last year and this year we are targeting a 25 per cent increase in the total turnover at Rs 20,000 crore," Verma said.
He said the company would focus on product categories such as flat panel TVs, air conditioners and mobile phones to drive growth in India.
Commenting on manufacturing capacity expansion, Verma said the company is setting up a new production line at its existing facility in Pune for refrigerators.
"We are also increasing capacity for other products such as LCD TVs," he added without giving details.
On marketing front, LGEIL has been investing funds to position the brand LG as a premium brand.
"The Rs 700 crore marketing budget would be focused on positioning the brand in the premium segment," Verma added.
With an intention to expand reach of its products in rural markets, the company has identified 16 states in the country to conduct consumer research.
"We have identified 16 states, including Andhra Pradesh, UP and Punjab, to understand consumer demand in rural markets and enhance our distribution network," Verma said.
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