MIRC Electronics Ltd, makers of Onida brand of appliances, will spend around Rs 175 crore on research and development and marketing and advertising activities in 2012-13, a senior official said here on Tuesday.

The company, which unveiled 46 models of air-conditioners in six ranges here, said it is launching 26 new models, including two innovations, in the coming summer season. The Onida residential air-conditioners carry a price tag of Rs 20,000 to Rs 35,000.

As part of its marketing strategy for products such as ACs, washing machines and flat-panel TVs, the company will spend Rs 100 crore in the next fiscal on marketing and media advertisement-related activities, said Mr Vipul Mathur, Vice-President, Marketing. Besides, it will spend Rs 75 crore on R&D.

This year, he said, Onida is launching a new product, Multiflow AC, which he said was the world’s first AC equipped with a four-way airflow technology.

Currently, Onida has a 10 per cent share in the Indian residential air-conditioning market, and 24 per cent in Gujarat, which it expects to increase by 2 to 3 per cent this year. Even the Indian rural market, which accounts for 2 to 3 per cent of the total market, is increasing with a growth rate of 25 per cent.

MIRC Electronics, he said, is targeting to increase its revenues from Rs 2,000 crore in 2010-11 to Rs 3,000 crore this year. It recorded an overall growth of 8 per cent last year.

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