 Online edition of India's National Newspaper Wednesday, Dec 23, 2009 ePaper | Mobile/PDA Version |
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NEW DELHI: Wireless devices maker Olive Telecommunications on Tuesday said it would invest Rs. 100 crore to set up a product design centre in Gurgaon. The centre was expected to be operational in the first quarter of 2010. The company would hire about 40 professionals for the centre, Olive Telecommunications Chairman Arun Khanna told reporters here. The project would be funded mostly through internal accruals, Mr. Khanna said adding that the company would look at launching an IPO in three years. The company, which launched its range of converged devices including netbooks and mobile phones, said it expected to sell about 10 million devices globally by the end of 2010. Olive launched seven mobile handsets priced Rs. 999 onwards, while the netbooks come at about Rs. 23,000. Olive has sold about 20 million devices in the last four years and is eyeing a 5 per cent market share in the mobile handset market in India by 2010. — PTI
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