Mobile handset maker Lava International on Thrusday said it targets a turnover of Rs 1,000 crore this fiscal, as it gears up to expand in overseas market and launch more products this year.
The company, which is in the process of investing Rs 100 crore this year on research and development and manufacturing facilities, said it will consider going for an Initial Public Offer (IPO) depending on requirement of funds.
"Our projected turnover for the current fiscal year is Rs 1,000 crore. Till March, 2010, we had done around Rs 430 crore," Lava International Co founder and Director S N Rai told reporters.
The company, which started operations in June last year, expects a major chunk of its sales coming from its 'Alpha key pad phones' which places pads in alphabetical order as against the more prevalent multi tap or QWERTY pads with prices starting from Rs 3,500.
It is also ramping up its distribution network by doubling its service centres to 900 in the domestic market by the end of the year.
The company also said it is foraying into international markets in the next two months.
"In the next two months, we will be launching our products in Sri Lanka, Nepal and Bangladesh. Then we plan to enter the African and East European markets within this year," Rai said.
The company said it has lined up a series of mobile phones to be launched this year apart from the 3G model it is planning to bring by next year.
"We have lined up a few more launches this year. With the 3G phones trend set to catch up, we don't want to miss out. So we plan to launch 3G model during the first quarter of next year," Lava International Head (Product) Sunil Raina said.
On the investment front, the city based firm said it is in the process of investing Rs 100 crore this year on research and development and manufacturing facilities.
Asked about its plan to hit the capital market, the company said it will consider whenever there is a need for a huge capex requirement in future.
"We will consider it (IPO) depending on the investment required. At present, we are sitting on a good cash flow. In future, we might need a greater capex for our reserch and development and manufacturing facilities, we consider for an IPO. As of now, there is no immediate need for it," Rai said.