As it unveiled new brand identity, mobile handset firm Micromax Informatics has announced investments to the tune of Rs. 2,000 crore in the next 5-6 years to boost manufacturing and research and development. The firm, however, doesn’t have any immediate plan to raise funds.
With a market share of 14 per cent in the Indian mobile market with 22 crore phones a year, the firm targets to increase its share to 20 per cent this year. The market would have grown by 10 per cent to about 24 crore next year. The firm, which registered a turnover of Rs. 12,000 crore in 2015-16, is targeting a growth rate of 25 per cent to cross the Rs. 15,000-crore mark this financial year. “We can raise funds through internal accruals. When we want to raise, it can be through an IPO or private equity route,” Rajesh Agarwal, co-founder of Micromax, has said.