March 13, 2013: MIRC Electronics which created a sort of revolution in the television market by bringing the AKAI brand to India and then took over Onida unveiled 32 new models of its products including washing machines, microwave ovens and TV’s. The company which clocked Rs.1,500 crore revenues in 2012-13 is looking forward to increase its present market share in the home AC segment from 14 per cent to 18 per cent in the financial year 2013-14. MIRC is targeting a total revenue of Rs.4,500 crores.
The company has made some aggressive plans for the next phase of growth and is coming out with a focused strategy which includes investing in creating additional capacity in its plants. MIRC would be focusing on home AC market where it has a dominating presence. The company has identified washing machines, air-conditioners and LED TV as major business drivers. According to Vipul Mathur, Vice President, Marketing, MIRC Electronics, “ACs, washing machines and LED TVs will help garner a bigger share of the market. We are looking at ACs contributing to about Rs 1,200 crore, LED TV segment Rs 1,500 crore and washing machines Rs 500 crore as we move on to next phase of growth.’’
The company is gearing up to spend Rs.50 crore for promotional purposes to capture a major share of pie of Rs.6,000 crore home AC market.