Toshiba to shut home appliance, TV business in India
The company has informed its trading partners and dealers in India about its decision to shut down operations and has halted importing of good from past one month.BY Indian Retailer Bureau | Jan 07, 2016 | comments ( 0 ) |
Japan multinational conglomerate, Toshiba, is planning to shut down its television and home appliances business in India. With this move, the company plans to snip the losses after failing to gain momentum in the country. Even the company is struggling globally to recover from a billion dollar accounting scandal.
The Tokyo-based company has informed its trading partners and dealers in India about its decision to shut down operations and has halted importing of good from past one month. The company is currently trying to clear its existing stocks.
Toshiba is looking to license the brand or tie-up with an Indian company to sell its CDIT products here. It is speculated that the company is in talks with Videocon though no development on the same has been confirmed yet. Toshiba will now focus only on business to business sales in India.
After overstating profit for seven years, the consumer electronics giant is expected to make a huge loss of around $4.5 billion in the current fiscal.
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