Lava aims to be billion-dollar company by March 2015

Handset maker Lava International aims to achieve a turnover of $1 billion by the end of March 2015 and also plans to start manufacturing in India in the next few years.
“Last year we did Rs 1,000 crore and this year we will do around Rs 2,500 crore… we aspire to be a billion-dollar company by March 2015,” Lava International chairman and managing director Hari Om Rai said.

He said the company is in talks with the government regarding manufacturing and has also set up a unit to look into the issue.

“We are evaluating the feasibilities because we believe that India requires manufacturing to employ huge population but we need some support from the government,” Rai said.

He added domestic players must get some initial thrust to compete with China. “I think the government is ready to provide (support) and we will get it… currently we have set up a small unit inside the company to look into this matter, we would like to start manufacturing as early as possible,” he added.

Rai said Lava wants to achieve a double digit market share in the smartphone segment in the next 7-8 months.

“We have, what we believe, around 7% market share in smartphone category and would like to achieve a double digit share in coming 7-8 months,” Rai added.

The company launched its Iris Pro 30 smartphone priced at Rs 15,999. The phone has a 4.7 inch screen and weighs 114 grams. It is equipped with an 8MP rear camera, 3MP front camera and has features like face detection, four-directional panoramic view.

“With the launch of Iris Pro series, we have expanded our offerings in mid to premium smartphones category,” Rai said.

Source: Times of India

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