Bangalore, Dec 16
SANYO Electric Co Ltd of Japan and BPL Ltd formally launched their new joint venture company, called Sanyo BPL Pvt Ltd, on Friday, in which both the companies are equal equity partners.
BPL will transfer its colour television business to the joint venture, including manufacturing, sales, service, marketing, and distribution infrastructure.
Sanyo, on its part, would bring in its cutting-edge technological knowhow, the benefit of established R&D, and globally proven expertise in the consumer electronics business, said a Sanyo BPL release.
The Chairman and CEO of Sanyo BPL, Mr Ajit G. Nambiar, said: "The rapid growth in the colour TV market in India offers a great opportunity to Sanyo BPL. BPL can greatly leverage on Sanyo's technologies and R&D capabilities to enhance the product offering."
The Sanyo BPL President and COO, Mr Keiji Oshima, said: "Our entry into India in a strategic alliance with BPL is a major step in Sanyo's plan to enter new international markets that offer scalability and volume. With this, Sanyo has marked its entry into both the world's fastest growing emerging markets - China and India."
The company proposes to implement a dual brand strategy by entering the market with both BPL and Sanyo branded products.
While Sanyo will cater to the high-end technology connoisseur, the BPL brand will address the colour TV segment.Sanyo BPL is confident of gaining 17 per cent market share in five years in the highly competitive colour TV category, the release said.
Encouraged by the recent dealer meets across the country, the company is ramping up its distribution network.