Intex Technologies (Private) Ltd, an IT products and consumer electronics company, will invest Rs 100 crore to set up mobile handset manufacturing facility at Baddi in Himachal Pradesh.
It is looking at an initial capacity of 2.5 lakh handsets a month. The company’s board has also accepted a move to start a facility to produce tablets, a market it entered late.
“We are planning to meet at least 25 per cent of our targeted sales of 10 lakh handsets a month next year. We will increase production in phases and meet our complete requirements in four years,” Narendra Bansal, Managing Director of Intex Technologies, told Business Line.
At Baddi, the company runs a facility that can manufacture two lakh each mobile chargers and batteries a month. “We are expanding the capacity to produce 10 lakh units each in six months. Besides meeting our requirements, the plant allows us to sell these products to other players,” Bansal said.
The company, which registered a turnover of Rs 135 crore in 2011-12, is looking at closing the financial year with Rs 1,000 crore.
“Currently, the IT products business contributes 45 per cent to our turnover. This is followed by the mobile handset business with 40 per cent. But we are expecting a huge shift in this mix next year. We are expecting a turnover of Rs 800-1,000 crore,” he said.
He said the company was a late entrant to smartphone business that contributed just 10 per cent to the mobile sales, while the feature phones (non-smartphones) contributing the remaining revenues. It is planning to increase the smartphone range, besides entering the South market this year. It sold about 50 lakh phones a year.
After launching five tablets (in the range of Rs 4,000-5,000) in the last few months, the company would introduce a tablet with a SIM. It tied up with Tata Photon. “We will use our respective distribution networks to sell the product,” Bansal said.
The company will go for a listing on stock exchanges in 2014-15. “We do not have any immediate plans to raise funds. We, however, will infuse private equity funds ahead of the public offering,” he said.