Mumbai, Feb 6 (PTI) The US-based leading premium audioand infotainment solutions provider, Harman InternationalIndustries, plans to invest around USD 100 million over thenext 3-5 years to increase its footprint in India, a topcompany executive has said.
The firm, which set up its own entity in mid-2009 inIndia, is eyeing a Rs 1,200-crore business over the next fiveyears, he said here.
"Considering the increasing consumer base, whichinvests in gadgets and leisure activities, India has becomeone of the lucrative markets for us. To increase our footprintin India, we plan to invest around USD 100 million over thenext 3-5 years," the company''s Managing Director and CountryManager for India operations, Lakshminarayan M, told PTI.
The disposable income with Indian consumers isexpected to increase at a rate of 8.5 per cent per annum till2015, and this is a positive sign for the company to create amarket for better gadgets for all forms of music, he said.
"India''s audio and infotainment market is around USD250 million and is expected to double in the next 3-5 years.
All these factors are very conducive for our growth. We expectour turnover to cross Rs 1,200 crore over the next 5 years,"
The firm reported a Rs 240-crore turnover in 2010-11.
At present, Harman employs over 200 R&D and softwareengineers in India and has an off-shore development centrewith 400 engineers. "We plan to increase our engineeringstrength to 1,000 over the next five years," Lakshminarayansaid. .