Mirc Electronics will commission TV panel plant.

Mirc Electronics, makers of Onida brand products, will commission a new TV panel plant in Maharashtra at an investment of $1-2 million. The plant will be operational in four months.

Speaking to media persons at the launch of 84 Onida inverter air-conditioners, Gulu Mirchandani, Chairman, said the plant will have capacity of five lakh in addition to the 15-lakh for assembling conventional TV in its existing plant in Maharashtra. “Currently, we are making only Onida brand. As we increase the capacity, we are exploring contract manufacturing opportunities as well,” he added. The company will fund the expansion through internal resources.

For the Rs. 800-crore company, ACs and TVs are major revenue contributors at 40 per cent each and washing machine and microwave contribute about 20 per cent. Onida has a market share of 8 per cent in the AC segment.

New mascot

Onida brand, famous for its Onida Devil mascot, will also assume new brand identity that will focus on ‘Owner’s Pride’ rather than ‘neighbour’s envy’. “We will launch the new mascot in March,” he added. The company is investing Rs. 15 crore for the same.

HBL