New Delhi, Mar 30: Undeterred by Akira's unsuccessful stint in the Indian market, another Singapore-based consumer electronics major Ichiban today announced its entry into the country in a joint venture with the Kalinga group. The 50:50 JV company, called Ichiban Appliances (India), has been formed by the Lee Ming brothers of Singapore and Allied Transatlantic of India, a senior JV official said here. "Ichiban appliances India was set up in October last year and after several months of setting up operations, we are ready to launch the Ichiban product range in India," managing director Sandeep Sethi told a news agency here. Among the appliances launched are 21 and 29-inch pure flat colour televisions, 21 inch super flat models, refrigerators and air conditioners besides a slew of small appliances. Sethi said the company plans to expand operations in three stages; all products will be imported from Singapore initially but later imports will be converted to semi knocked-down units. "We plan to eventually manufacture the Ichiban brand from India and are hopeful that a facility can be set up by 2004-05," he said but declined to provide details of the quantum of investment the company plans to make in India.

To promote the new launches, Ichiban appliances has earmarked Rs 10 crore advertising and promotion budget for the first six months.

Bureau Report