Canon to attain 10% growth in India by 2016

Canon, Japanese tech giant looks to achieve 10 % revenue growth by the end of this year in India, buoyed by strong uptake of its commercial printers and imaging products.

The company, which posted a six per cent rise in revenues to Rs 2,158 crore last year, is also looking to expand its retail presence aggressively and will add over 60 Image Square stores, reported PTI.

"We have seen a steady and consistent growth of six per cent for last two consecutive years. While it still is a small part of the global revenues, but the market here is growing significantly and is a huge bet for us," said Kazutada Kobayashi, CEO and President, Canon India.

Previous year, commercial printers business for Canon India grew at about 12 %, while cameras business was up by six per cent.

"In terms of strategic focus areas for 2016, we want to further expand our commercial printers and imaging products business. Also, we will focus on the projector and surveillance camera business which was introduced in 2015," he added.

In addition, the company is also betting on India for its software business. The company boasts to have about 75 engineers at its Bangalore centre, which is among 5-6 such global research locations. It contributes to innovation at a global level.

Canon is also expanding the number of its Image Square stores to 240 by year-end and plans to take the number from 176 (at the end of December 2015) to 240 by this year end. These franchisee run stores helps the company to tap market of smaller cities and towns.