Sanyo Moves into India with Color TV Joint Venture
Jul 28, 2004
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Japan's Sanyo Electric Co. Ltd. announced that it is forming a color TV venture with India's BPL Ltd. to tap into growing demand for consumer electronics in the region.
The equally owned venture, to be capitalized at U.S. $20 million, will be Sanyo's first fully fledged entry into the rapidly expanding Indian market.
"We are looking to expand our product line-up beyond color TVs and develop new business opportunities by utilizing the venture's sales and services network and call centre," Sanyo said in a statement.
The venture will begin production in October and is slated to build 2 million color TVs annually by March 2007. The televisions will carry both the Sanyo and BPL brands.
The Indian color television market, currently around 8 million units, is estimated to grow to 10 million units in 2006. (Reuters)
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