Aiming to cash in on the retail boom in the country, consumer electronics manufacturer Weston is expanding its product portfolio, with plans to launch set- top-boxes and new tech DVDs, as it targets a 40 per cent jump in turnover to touch Rs 700 crore (Rs 7 billion) by the end of this fiscal.

"We will introduce new products like DVD with 'Divx technology' for better quality viewing, DVDs with USB ports and set-top-boxes in the current fiscal," Weston Vice-President (Marketing) Sunil Sethi told PTI.

He said the company is in talks with major retailers to supply electronic goods but declined to name them. Already, it has tied up with Kishore Biyani-promoted Big Bazaar for supplying 'Koryo' brand of electronic goods.

All these are a part of the plan to touch a turnover of Rs 700 crore by the end of this fiscal, he said, adding the company's topline was at Rs 500 crore (Rs 5 billion) in the previous year.

Last year, the company bagged a contract of Rs 250 crore (Rs 2.5 billion) from the Tamil Nadu government to supply 2.5 million CTV's under the state's CTV schemes and is now looking at growth from smaller towns.

"We are targeting tier-II and tier-III cities to expand our distribution and planning to increase our turnover by 35 per cent," he added. Weston's parent company Dixon is setting up facility near in Tamil Nadu with an investment to the tune of Rs 6 crore (Rs 60 million) for supplying its CTV order to the state government, Sethi added.

The company, which is also the original equipment supplier to other players like LG, Philips and TCL, is looking for expansion in overseas market, including the Middle-East, he said.

During the first quarter this fiscal, the company's CTV sales grew by 23 per cent and DVD players by 50 per cent as compared to the same period in the previous year.