Kodak Targets Exports of 2 Million Cameras from Bangalore Unit
Aug 6, 2003
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Kodak India Ltd. is targeting to export more than 2 million cameras from its Bangalore unit in the current year to North and Latin America and some countries in the European Union.
"We have invested about Rs 150 million (U.S. $3.25 million) to expand Bangalore facility and with [a] high quality-low cost advantage, we hope to double exports from over one million cameras shipped last year," RS Mani, Kodak India Ltd. managing director, said.
"The Bangalore plant has the strength to become a global sourcing base for parent company Eastman Kodak of US," he continued.
When asked about the parent company's decision to make a buyback offer to Indian shareholders and make it wholly owned, Mr. Mani said: "Worldover, the imaging company works as a private entity, and following the conclusion of the initial buyback offer, we delisted shares from exchanges in May this year."
Currently, Eastman Kodak group holds a 96-percent stake in Kodak India Ltd. while the Indian public has just over a 3-percent stake, for whom promoters would keep the buyback offer open until May next year, Mr. Mani added. (Asia Pulse)
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