Mirc under its belt, Onida now bets on mobiles

Close on the heels of acquiring a 61.07 per cent controlling stake (1.10 lakh shares) in Mirc Electronics Ltd’s investment firm Gusivo...

Close on the heels of acquiring a 61.07 per cent controlling stake (1.10 lakh shares) in Mirc Electronics Ltd’s investment firm Gusivo, chairman Gulu Mirchandani is wasting no time in widening his portfolio of brands to tap the immense growth potential in electronic goods. He is planning to launch mobile phones in the Indian market under the Onida brand, in addition to the existing brands of the company in consumer electronics.

The company manufactures colour televisions, washing machines, air conditioners and DVD players. To start with, it will have seven models with prices ranging between Rs 1,500 and Rs 8,000. “We have recently started manufacturing mobile phones at our Wada-based manufacturing facility. The design centre for mobile phones is also at Wada near Mumbai,” Mirchandani said.

The company is planning to invest Rs 15-20 crore in launching new marketing initiatives for Onida branded mobile phones. “Initially, we will start leveraging the marketing route of Onida consumer electronics for mobile phones as well. Then we will decide on the number of dealers through which our phones will be sold. We are also eyeing the premium retail stores route, apart from malls to sell Onida branded mobile phones.”

As for Gusivo’s stake, Gulu explained that with the hike, Mirc Electronics aims to consolidate its position in the long-term. “Plans are being firmed up to buy my brother Sonu Mirchandani’s overall one-third shareholding in the investment firm, Gusivo, which controls a 53 per cent stake in the consumer durable company for Rs 111 crore. I had earlier offered Rs 60 crore, but Sonu had rejected due to adverse marketing conditions and is waiting to garner better valuations.”

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