NEW DELHI: Home-grown handset maker Micromax has received 1.25 millionth international registration number for its trademark - 'MICROMAX', giving it protection in over 110 countries.
"An Indian company became the 1.25 millionth company to be able to register (its trademark) using the Madrid Protocol. Its a milestone for Micromax. If Micromax can benefit from it, I am sure many more companies can get that," Commerce and Industry Minister Nirmala Sitharaman said after felicitating the Indian firm.
She presented a certificate of appreciation to Vineet Taneja, CEO of Micromax, on its acquisition of the 1.2 th million international trademark under the Madrid System. The Madrid System for the International Registration of Marks offers trademark owners a cost effective, user friendly and streamlined means of protecting and managing their trademark portfolio internationally.
Speaking at the function, Taneja said: "We found the System useful because it is a single window opportunity. It was extremely cost effective and it saves lot of time". He said the company is present in four countries besides India and "we hope to expand at a very fast pace beyond these countries".
Under Madrid System, a company have to fill a single application in one language and pay fee in one currency. It helps in reducing time and cost of firms registering their trademarks. Naresh Prasad, Assistant Director General and Chief of Staff, Office of the Director General, World Intellectual Property Organization (WIPO), said that the Madrid System provides an excellent opportunity to Indian companies to make the presence felt in the international market.
The Madrid System, he said was the most convenient and cost-effective solution for registering of patents in 111 countries simultaneously. "The achievement by Micromax was a milestone and we should encourage more Indian companies to register under the Madrid Protocol," he said.