Watchmaker Ajanta India Ltd has forayed into the fast-moving consumer goods sector with a gamut of consumer care products and expected to close the current fiscal with a turnover of Rs 120 crore (Rs 1.20 billion).
"We have made a silent entry into the FMCG segment with a range of products including toothpaste, hair oil, soap and shaving cream and expect a turnover of Rs 120 crore in 2003-04," Ajanta's marketing head D K Rachh told reporters in Mumbai on Tuesday.
He said the company had made an investment of about Rs 35 crore (Rs 350 million) till date and would make an additional investment of Rs 40 crore (Rs 400 million) in the next fiscal.
Claiming that the company already had a highest market share in the Rs 300 crore (Rs 3 billion) electronic clock market, Rachh said Ajanta had reached a point where it was difficult to garner more share in the market and had therefore decided to venture into the Rs 3000 crore (Rs 30 billion) FMCG market.
