Yamaha Corporation of Japan opened its first factory in India for musical instruments with a view to make it an export hub.
“We have started making musical instruments in India for the Indian market,” said Takashi Haga, MD, Yamaha Music India Pvt. Ltd. (YMIPL)
The factory, located about 70 km from here, is being built in phases.
The first phase involved an investment of ₹380 crore. It is currently producing portable keyboards. This would be followed by acoustic guitars and pro-audio speakers.
The facility can produce 1.50 lakh portable keyboards and two lakh acoustic guitars annually.
“Initially, the factory will cater to the demands of the domestic market. Later, we plan to export 50% of our production.
“We have been selling our musical products in India since 2008. Till now, they were being imported from China. We posted revenue of ₹200 crore. We are coming to India at the right time,” said Rehan Siddiqui, business head, MI sales and marketing division, YMIPL.
Boosting market share
Asserting sales was growing at 20%-22% year-on-year, Mr. Siddiqui said: “Right now, our market share in India is in single-digit and we will double it soon.
“We will begin construction of the second phase of the unit after two to three years time,” Mr. Haga said.