The Rs 4,000 crore (Rs 40 billion) Videocon group is foraying into the online lottery business and is planning to offer its first product in the next three months.
The group has secured a licence from the Arunachal Pradesh government and is also planning to bid for other state licences.
The Videocon group is establishing a new company headed by group chairman V N Dhoot for the lottery business.
The technology would be provided by Spain-based Win systems, which has an alliance with Motorola.
Initially, 4,000 terminals would be deployed which would be later scaled up to 8,000. Videocon is expecting a turnover of about Rs 1,000 -1,200 crore (Rs 10-12 billion) in the first year.
Videocon has a reputation for creating credible brands and now we aim to create a trustworthy and credible brand in the lottery business. Also, through this business, we would earmark a certain percentage of profits generated for a charity working in the field of education, sports and rural development.
Active games like Lotto and Digit will be offered through this network after customising it to Indian conditions.
Videocon is a leading player in the consumer electronics and white goods business with over 10 million customers. The company has a nationwide network of 7,000 dealers and sub-dealers.
The flagship company of the group Videocon International has shown consistent growth in sales, which has now crossed Rs 2,400 crore (Rs 23 billion).
Videocon Appliances sales have now touched Rs 620.39 crore (Rs 6.2 billion). The company makes over 300 products.
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