Olive to Invest Rs100 Crore in Design Centre
Wireless devices maker Olive Telecommunications announced it will invest Rs 100 crore to set up a product design centre at Gurgaon.
According to Arun Khanna, chairman of Olive Telecommunications, the centre at Gurgaon will be a full-cycle design centre and it is expected to be operational in the first quarter of 2010. The company will hire about 40 professionals for the centre, Khanna said.
The project will be funded mostly through internal accruals. "We will fund it internally, but we have also received interest from investors and are considering them," Khanna said, adding that the company would look at launching an IPO in three years’ time.
The company, which launched its range of converged devices including netbooks and mobile phones, expects to sell about 10 million devices globally by the end of 2010. "Our target is 10 million devices by next year. Of this, about 30 percent should come from India," he said.
The company also plans to achieve US$ 1 billion annualised global sales by 2012.
Olive is eyeing a 5 percent market share in the mobile handset market in India by 2010.
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