Canon to invest Rs 100 crore in India

The company said it aims a 25 per cent growth rate in sales to clock a turnover of Rs 1,000 crore by next year, with its business imaging division expected to account for 10 per cent of total sales in the next two-three years.

"We have decided to invest Rs 100 crore to expand our capital base in India. It will be utilised largely on our business solution division to expand our operations, to enhance our rental business and also on infrastructure to support our B2B for the next two years," Canon India Senior Vice-President Alok Bharadwaj told reporters here.

The company, which today launched eight models of business imaging products, said its business solution division, at present, contributes about 4-5 per cent in the overall turnover and aims to increase it significantly.

Among the new products introduced include its flagship model image1135 priced at Rs 44 lakh.
Canon India President and CEO Kensaku Konishi said the company expects a 25 per cent growth rate in its turnover to touch Rs 1000 crore next year.

"Our business imaging solution division contributes about 4-5 per cent. We plan to increase it to 10 per cent in the next two-three years," he added.

Canon also said with the launch of its new products, the company is aiming to take its rental business, wherein the company leases out its products to corporate houses and organisations, to Rs 100 crore by next years.
"This year the rental business will be contributing Rs 60 crore to Canon India's turnover. We expect the rental business to contribute Rs 100 crore as we target Rs 1,000 crore revenues next year," Bharadwaj said.
With the new product launches, the company will now have 180 products in its portfolio, of which 80 are in the business imaging segment.