Ricoh India, hitherto best known for its imaging solutions, is betting big on the Rs.1,370-crore order it has recently sealed with India Post, saying that this will propel it to a different league altogether.
Tokyo-based Ricoh Co holds 73.6 per cent of the Indian entity’s equity with the balance being held by the public.
Talking to The Hindu , Ricoh India Executive Vice President and Chief Executive Officer Manoj Kumar said: “This is the largest ever border for Ricoh global. We expect this to become a reference point for us in other countries.” The task involves modernising 1.29 lakh rural post offices, which would be automated and loaded with software, enabling these outlets to become vehicles for financial inclusion.
He said the major chunk of the business flowing out of the India Post order would come in the first two years although the profits accruing from it would be spread over five years. “The project is close to our heart, and we are keen to do it well. It will allow the rural masses to avail themselves of banking services and also avail of social benefits of the government.”
Pointing that that Ricoh was now projecting itself more as a total IT and imaging solutions company, Mr Kumar said: “Ricoh was now projecting itself as a company which provides the A to Z of IT solutions, which also includes imaging.”
The share of IT solutions in Ricoh’s turnover, now about 45 per cent, would steadily grow, he said adding that the company planned to leverage its strength in offering imaging solutions to get an edge over existing IT companies.
With a Rs.1,047-crore turnover in 2013-14, Ricoh India has now a one per cent share in its parent company’s turnover against 0.1 per cent five years ago. “We are targeting a four time jump by March, 2017,” he said, adding that there was a huge untapped potential in India which was increasing as sectors such as e-retailing were expanding.
Mr. Kumar was here to launch two new products — a five-colour printer and a wide-format graphics colour printer.
