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Videocon Ltd, the Rs 3,000- crore consumer durables major promoted by the Dhoots, has set up a global marketing company, Paramount Global Ltd.

The Hong Kong-based 100 per cent subsidiary of Videocon International will have branches across the globe.

Till date, the company has set up 25 branches all over the world, group chairman Venugopal Dhoot told Business Standard.

A buyer will now be able to select a Videocon product from any of the group's showrooms any where in the world, pay for it in the local currency and get delivery of the product anywhere in India, or any other country, with Paramount Global controlling the entire operation.

Videocon received the Reserve Bank of India's permission in February to set up Paramount Global, Dhoot said. The company has already notched up sales of Rs 36 crore, he added.

American Express and MashreqBank handle Para-mount's funds flow.

"We are targeting a turnover of over Rs 500 crore per year at the end of the second year of Paramount's operations," Dhoot said.

The new venture is expected to more than double Videocon's forex earnings of around Rs 300 crore, he said.

The group proposes to target the deemed export market through Paramount. "Initially, we propose to target countries like the US and West Asia, which have a large non-resident Indian population," Dhoot said. But subsequently, Paramount will spread its operations all over the world, Dhoot added.

"If anyone in New York wishes to gift a television set or a

computer to his father in Trivandrum, he can go to our showroom in New York, select and pay in the local currency, and we will deliver the product here in Trivandrum, complete and gift wrapped,'' Dhoot said.

The products bought through Paramount work out 20 per cent cheaper, as compared to the prices prevailing in India, Videocon International's vice-president (international operation) S P Molasi said. The buyer can purchase the entire Videocon range of TVS, refrigerators, audio systems, washing machines, and air conditioners, mixers, coolers, and microwaves. The buyer will also be able to save the hassle of lugging the product, packing it, and having it delivered, Molasi said.