New Delhi, Dec 3 (UNI) Air conditioner maker Fedders Lloyd Corporation Ltd (FLCL) and electronic goods manufacturer Victor Company of Japan Ltd (JVC) today said they will jointly invest 30 million dollars to establish foothold in the country's consumer electronics market.
''The companies will jointly invest about 30 million dollars for marketing and services of 'JVC' consumer electronics products in the 'sound and image' sector,'' FLCL President Pavan Bhargava told reporters here.
FLCL, an arm of the 270-million dollar Fedders Lloyd Group, today tied up with JVC for marketing of audio and video products, which were showcased here today.
JVC plans to expand its sales by more than 200 million dollars by 2010 and aims to capture number third position in its camcoder, audio and LCD segement in the next three years.
Although the company has not priced its products, Mr Bhargava said it will be at par with prices of competitors. The company will bring out its products in the market in January next year.
''We aim to be number three in the Indian market by 2010 and hope to be at the top slot or second in camcoder segment,'' JVC President Kunihiko Sato said without divulging the revenue sharing details of the two companies.
Currently, these products will be imported from its plants globally but the company is open to the idea of setting up its manufacturing units in the country.
'' We are ready to this idea only after a year as it will take some time for us to study the market and our performance,'' he said The two companies are targeting 70 per cent of the Indian population who are below 35 years of age.