Japanese camera and imaging company Ricoh Company has expanded its India operations again, this time with a bar-code paper manufacturing operation based in Mumbai.
Three months earlier, the company established a development center in India’s software hub Bangalore. Known as Ricoh Innovations Private Limited (RIPL) is to create IT solutions adapted to India’s needs, incorporating leading-edge core IT technologies cultivated at RII and Ricoh.
Ricoh has a stated aim of expanding to target India’s rapidly growing market.
The latest move is notable in that most multinational corporations prefer to base their manufacturing operations in China and their software and development businesses in India. Separately, several Japanese corporations are helping India emerge as a viable manufacturing alternative to China.
Ricoh said an India-based manufacturing operation for thermal paper and ribbons will help it better meet the local needs.
“India is one of the fastest growing economies, and the rapid increase in consumer demand and purchasing power is evident from the large number of shopping malls that has sprung up across the country, some of them are on a par with the most advanced markets.
“The demand, and hence the scale of production of appliances, automobiles and various other consumer durables is increasing rapidly. This has resulted in huge demand for barcode labels, but there is a major variation in the quality labels used even in the best supermarkets,” it said.
The unit will cover not only the Indian market, but the high growth Asia Pacific region in the future, Ricoh — a recognized name in printers, copiers and digital cameras, said.
“Ricoh aims to grow its net sales of thermal media business in the Indian market by ten times in three years,” said Yasu Takashima, Managing Director.
Another Ricoh subsidiary, Ricoh India Limited, is a leading player in the area of Printing and Document Management Solutions in India.