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MIRC reorganises business strategy, appoints new CEO

NEW DELHI: MIRC ElectronicsBSE -0.56 %, manufacturer of Onida brand of consumer durables, on Wednesday said the company is reorganising and restructuring its business strategy to achieve market leadership. 

As part of this strategy, MIRC has appointed
new Chief Executive Office Y V Verma to strengthen its team, the company said in a statement. 

Meanwhile, MIRC's former CEO G Sundar has been elevated as Director (Strategy), where he would handle company's strategy and financing of new businesses. 

Prior to MIRC, Verma was with 
LG Electronics as Director (Home Appliances), where he had scaled up the business of the South Korean major. 

According to the company, 
consumer durables market in India is highly competitive and dominated by the MNCs. 

"ONIDA was launched with a vision of creating a brand which will make Indians proud of Made in India label. In the last 32 years ONIDA is among the few Indian Brands which have withstood the challenge posed by MNCs," said the company in the release. 

It further added that its Chairman Gulu Mirchandani plans to recreate ONIDA as the largest brand 'By the Indians, For the Indians'. 

The company also plans new launches in its product line to attract the young generation within next five years.