NEW DELHI: Tokyo-based Komori Corporation -- the second largest manufacturer of printing presses in the world -- is aiming for over Rs 200 crore business in India this year, top company executives said here on Friday.
Komori, which is involved with currency printing for several countries, including India, also announced the establishment of its India subsidiary that will introduce customised printing presses suitable for the domestic market.
"For the current year, we are looking forward for over Rs 200 crore business in India and would also establish 50 presses in the country," Sangam Khanna, Deputy MD, Komori India, told reporters here.
A leader in offset presses, digital presses, Print Engineering Service Provider (PESP) products and banknote/security presses, Komori was till date operating in India via its sole distributor Insight Group.
"The expected growth rate for our marketing and commercial printing business in India is over 6 per cent for 2017-21 while for the publishing printing verticle, we aim for over 8 per cent revenue in the period 2016-20," said Hirofumi Hoshino, Managing Director, Komori India.
Komori India will be a joint venture between Komori Corporation and Insight Group, with Komori holding the majority stake.
With the acquisition of Insight's Komori division, the company will retain the employees of Insight Group in its new team, the company said.
With the Insight Group, Komori already has a market share of over 40 per cent in the country and now aims to strengthen and scale its operations even further, not only in India but Bangladesh as well as in East Africa.
"With the India footprint, we'll be able to provide the world-class quality and strong support to aid the Indian market. We will use the best of global and local processes to provide the highest value to our customers and maximise the customers benefit," Hoshino said.
Founded in 1923, the first Komori press for the Indian market was delivered in 1954. The machine exported was a full-size (37 inch/640 mm) single-colour press equipped with a stream feeder.