BUSINESS

Canon Singapore infuses Rs. 100 crore in Indian arm

GIFTED: Canon brand Ambassador Sachin Tendulkar along with Canon India President and CEO Kensaku Konishi (left), at a function in Kolkata on Tuesday.

GIFTED: Canon brand Ambassador Sachin Tendulkar along with Canon India President and CEO Kensaku Konishi (left), at a function in Kolkata on Tuesday.   | Photo Credit: — PHOTO: ARUNANGSU ROY CHOWDHURY

Special Correspondent

KOLKATA: Digital imaging company Canon Inc. has infused Rs. 100 crore into its Indian arm. This has been done through Canon Singapore Pte Ltd., of which Canon India is a wholly-owned subsidiary. Canon India has given Canon Inc the highest growth rate, at a time when many of its other arms have reported lower rates of growth.

Talking to The Hindu after a pressmeet here, Alok Bharadwaj, Senior Vice-President, Canon India, said that between January and May 2009, the Indian subsidiary showed the highest rate of growth, 21 per cent. The capital infusion which took place last month, takes the total capital base to Rs. 134 crore.

Kensaku Konishi, President and CEO, Canon India, said the company would have Rs. 1,000 crore business by 2010. It is targeting sales of Rs. 840 crore this year against Rs. 655 crore in 2008. “The worst is over,” Mr. Bharadwaj said.

The officials, along with brand ambassador Sachin Tendulkar, were here to announce that the eastern market had registered the highest growth in the country and was now engine of growth in the consumables business. The Eastern region generated revenues of Rs. 110 crore in 2008 when the company grossed Rs. 665 crore.

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