Korean electronics major Samsung is setting up its 100 per cent wholly-owned subsidiary, Samsung Electronics India Ltd, to fuel the growth of its IT and telecom business in India.
Out of the planned investments of $10 million, the parent company has already invested $6 million for setting up the subsidiary and the remaining $4 million would be spent on marketing infotech peripherals and telecom products during the year.
SEIP, which is targeting the number one slot in the computer peripherals business within the next three years, is also mulling manufacturing of colour monitors in India.
"We are seriously considering the option to manufacture colour monitors in India. We are doing a feasibility study and plan to take a decision regarding the same very soon. Hopefully we will begin this activity early next year," K S Kim, managing director of Samsung Electronis India Ltd told reporters here after announcing SEIP.
Also, the company is in discussions with a Hyderabad-based service provider to launch WAP phones in India by the end of this year, a senior official of Samsung said.
By the year 2003, the newly formed subsidiary SEIP is targeting a turnover of Rs 2,500 crore and becoming the number one IT peripherals company in India. "We aim at getting a top slot in colour monitors and optical disk drives (ODDs) through our marketing driven logistics program," Kim said.
This year, SEIP is targeting over 50 per cent market share in color monitors, its flagship product. Apart from that, in the storage businesses, the company is targeting a 35 per cent market share in hard disk drives and 35 per cent market share in optical disc drives in India.
In the mobile telephony business, Samsung is targeting to achieve sales of 80,000 units of mobile phones in India this year as compared to last year's figure of 20,000 handsets.
The company yesterday launched nine new state-of-the-art IT products. The products launched ranged from TFT-LCD color monitors, new series of optical disc drives, printers (10 ppm Laser Printer and the 6-in-1 multi-function printer), hard disc drives, multi-function monitor with brand name `Syncmaster'.
