'Canon to be Rs 800-cr co in India by 2008'

NEW DELHI: With the appetite for digital gadgets increasing among Indian customers, Canon India on Wednesday said it expects the demand for its imaging products to double, helping it to earn Rs 800 crore revenues by 2008.

The company which closed fiscal year 2007 at Rs 400 crore, anticipates a 40 per cent growth in revenues in the current fiscal to touch the Rs 550 crore mark.

"With the boom in the economy and increased buying power, we anticipate to nearly double our revenues to Rs 800 crore by 2008," Canon India President and CEO Kensaku Konishi told reporters.

He said India is the fastest growing market for Canon globally and registered a 42 per cent growth in quarterly revenues followed by China with 38 per cent growth.

Canon has been present in India since 1997 and sells over 100 digital imaging products here including digital cameras, digital SLRs, laser printers and photo printers.

"The company wants to retain its leadership position in the digital imaging market here and to counter grey markets sales. We have introduced various attractive schemes for professional camera buyers so as to offer them various incentives on buying original products," Canon India Vice President Alok Bharadwaj said.