NEB to set up Rs 40cr software tech park at Vizag

Encouraged by the Andhra Pradesh government's move to promote IT industry in tier-II cities in the state, NEB Electronics Private Limited, a consumer electronics company, is planning to set up a software technology park at Visakhapatnam.

S Nagaraj, director and COO of the company, said that negotiations were on with the state government to set up a software technology park at Vizag.

"The cost of the park would be approximately Rs 40 crore. We can not give further details as talks are going on," he said.

NEB Electronics launched its products in the Andhra Pradesh market on Wednesday. Addressing a press meet, Eric Braganza, managing director of NEB Electronics, said that the range of the company's products include 15 models of TVs ranging from 14-inch to 29-inch sets, five models of VCD players, three models of DVD players, two multimedia systems and a 5,500 watts five speaker home theatre system.

"The company also plans to launch other home appliances like air conditioners soon," he said.

According to Braganza, the prices of the company's products were slightly less than the prices of the products from national players but higher than those of the local manufacturers.

"We expect the turnover of the company to touch Rs 165 crore mark by the end of the current financial year and hope to be among the top ten brands in the country by the end of the fiscal," Braganza said.

Nagaraj said that the company would launch its products across the country except in West Bengal and Bihar.

"The reason why we are not launching our products in these two states is because the sales tax there is very high and we would not be able to offer products at competitive prices," he explained.