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BANGALORE, Feb. 23

CANON India Pvt Ltd, the wholly owned subsidiary of Canon Inc, an imaging technology company is targeting a turnover of Rs 500 crore by 2005.

The company, which clocked revenue of Rs 202 crore in 2002, is betting on its digital multi-functional peripherals, printers and digital cameras to drive its growth, said Mr Alok Bharadwaj, Director, Canon India.

Canon Inc considered India as one among the top four emerging markets of Vietnam, Brazil and Russia, he said.

"We are looking at a CAGR of 40-50 per cent over the next three years," Mr Bharadwaj said adding that the Indian market was opening up for digital multi-functional devices, wherein only one device is used for printing, scanning, faxing and copying of documents.

The company, which started its direct operations in India about six years ago, had gained considerable market share for almost all categories of its products, he said. "We expect to sustain the growth momentum in the current year," he added.

"We entered into consumer homes last year and the main problem being faced by the company in India was that of awareness. Consumers don't perceive us as a IT peripheral company," he said.

In order to create brand awareness in the Indian market, the company planned to spend about $2 million in brand campaign during the year, Mr Bharadwaj said.

Meanwhile the company is also eyeing the bundling business in the IT peripherals market, wherein it plans to sell its printers by bundling with PCs. "We are in talks with an Indian PC vendor to bundle our printers and expect to sign an agreement in this regard soon," he said.

The bundled segment accounts for nearly 25 per cent of the printer market in India and we cannot afford to ignore that, Mr Bharadwaj said. The new initiative was expected to help the company make inroads into the consumables business, he said.

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