Jaipan Industries enters into 50:50 JV with Spain's Sogo
Home appliances major Jaipan Industries has entered into a 50-50 joint venture with leading international brand Sogo and is eyeing Rs 15 crore turnover in next 12 months.mumbai Updated: Oct 24, 2010 10:19 IST
Home appliances major Jaipan Industries has entered into a 50:50 joint venture with leading international brand Sogo and is eyeing Rs 15 crore turnover in next 12 months.
"Under this JV we will market 35 Sogo products in the country and we are hopeful of achieving Rs 15 crore turnover in next 12 months starting now," Jaipan Industries Director Atin Agarwal said.
Sogo, a global home appliance brand, is a Spain headquartered company and having more than 500 products range.
Some of the Sogo products that Jaipan will market in India are electric tooth brush, walkie talkie, steam cooker and deep fryer.
"We will market the Sogo products in India. After one year we will take a decision on expanding them to other countries where we are present," Agarwal said.
Jaipan Industries has pledged about Rs 50 crore for this JV, which will be given in tranches, he said.
The company is also planning to expand to its international presence. "We are looking to expand our presence in Asia and Africa," Agarwal said.
The company has home appliance manufacturing facilities at Mumbai and Silvasa, and has vendors at Himachal Pradesh, Haridwar, Rajkot, Bangalore and China.