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| Olive targeting $220 mn from worldwide operations this FY |
| Press Trust of India / Aug 09, 2010, 19:33 IST |
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Convergence Solutions Device Developer Olive Telecom today said it aims to double its business revenue to $220 million from its worldwide operations this fiscal.
In the 2009-10 fiscal, Olive did a business of $110 million to which India contributed 40 per cent, Company Chairman Arun Khanna, told reporters here.
He added that to achieve the goal the firm would focus on Indonesia, Russia, Nigeria, Kenya and Mexico.
Olive has some plans in China in the next 6-9 months, he said refusing to divulge further details.
By 2012, the firm aims a revenue of over $1 billion.
Olive targets to sell 10 million devices worldwide by next year, he said after launching a range of new products in the Kerala market.
From Kerala, the company is looking at 5 per cent market share in the next two years. 17 distributors have been lined up and another 30 would be added in the next few months, he said.
Headquartered in India, the company has sold over 20 million devices so far. Olive, which has launched about 14 mobile handsets along with India's first 3.5G OlivePad and India's first 3G enabled Zipbook and 3 sim mobiles. It is hoping to launch few more to touch 40 in the next few months.
Olive plans to invest over Rs 100 crore in brand building in the next 18 months, he said.
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