The flagship of the Onida group, Monica Electronics (MEL), incorporated in 1975, is a leading manufacturer of colour televisions, VCRs and video cassettes. The company was promoted by L G Mirchandani.
MEL came out with a public issue in Jan.'92 to finance a Rs 26.15-cr project to increase the capacity of VCRs from 10,000 to 24,000 and to fund normal capital expenditure. The expansion project was commissioned in 1992.
The company won the prestigious export award for 1992-93 with an export turnover of Rs 4.61 cr. It holds a certificate of conformity with British Standards which has given a major boost to its exports in the European market and in the Gulf countries through dedicated dealers. It has achieved a high degree of indigenisation of its entire product range. MEL has a technical collaboration with JVC, Japan. It has been accredited with the ISO 9002 certification for its quality systems. It plans to manufacture hi-tech colour TVs having several advanced features. The company plans to modernise by setting up fully automatic robotic plant.
Company introduced two new models Mastermind, in 20" and Prodigy in 14" segment. The company also launched a new video cassette player (VCP) with line recording facility. The company has also introduced one new model 'TGL' with new advanced features in 2001.