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Our Bureau

New Delhi May 9 Canon India on Wednesday said that it would undertake several initiatives such as greater focus on the western market of the country, increasing number of product launches and doubling retail reach in order to double its turnover in the next two years.

"With the boom in the economy and increased buying power, we anticipate to double our revenues to Rs 800 crore by 2008," said Mr Kensaku Konishi, President and CEO, Canon India.

The company, which closed the fiscal ended March with turnover of Rs 400 crore, anticipates the figure to grow 40 per cent in the current fiscal to Rs 550 crore.

Mr Konishi said that India is the fastest growing market for Canon globally, having registered 42 per cent growth in quarterly revenues, followed by China (38 per cent).

Canon has been present in India since 1997 and sells over 100 digital imaging products, including digital cameras, digital SLRs, laser printers and photo printers.

"We want to counter grey market sales. We have introduced various attractive schemes for professional camera buyers so as to offer them various incentives on buying authentic products," said Mr Alok Bharadwaj, Vice-President, Canon India.

On the retail front, the company intends to increase the number of outlets to 600 and add 2,000 resellers to the existent portfolio of 41 retail chains.

These comprise 13 national chains such as Croma, Reliance and Future Group's E Zone and 416 retail outlets.

Canon also plans to open exclusive IXUS experience zones for its lifestyle range of digital cameras across the country.

As a part of its efforts to double revenues, Canon will increase focus on product launches.

Towards this, the company has introduced 24 digital imaging products, including eight new digital camera models, and appointed Sachin Tendulkar as brand ambassador.

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