Luxor Writing Instruments on Thursday said it aims to double sales turnover to Rs 250 crore (Rs 2.50 billion) by 2005-06 on the back of growing sales of Luxor brand and would invest Rs 200 crore (Rs 2 billion) this year to open overseas offices.
"We hope to become a Rs 250 crore company by 2005-06 as the Luxor brand will be worth Rs 100 crore (Rs 1 billion). We also got the Reserve Bank of India's nod to open offices in the United Kingdom and United States with an investment of Rs 200 crore," its president and chairman D K Jain told PTI in New Delhi.
The company, which ships writing instruments to about 70 countries, has an export turnover of about Rs 40 crore (Rs 400 million).
Luxor recently opened an office in Germany to cater to the European markets, while it has shelved plans of foraying into the Middle East for now.
"We will have to make investments to strengthen Parker so that it becomes worth Rs 100 crore by 2005-06," Jain said, declining to quantify the amount.
The Rs 1,500 crore (Rs 15 billion) domestic writing instruments industry has a Rs 5 crore (Rs 50 million) ceiling on investment for plant and machinery as it comes under small scale industry purview.
The company also embarked on a new media campaign for which it has spent Rs 10 crore (Rs 100 million), Jain said.
