Bankruptcy filing in US not to impact India operations: Kodak
SKS brought the micro finance (MFI) sector into limelight after the company mopped up over Rs 1,650 crore (around $350 million) through its initial share sale in July 2010.
Digital imaging firm Kodak India said that the bankruptcy filing by its parent in the US will not impact operations in India and it will continue to do normal business in the country.
Earlier Wednesday cash-strapped camera pioneer Eastman Kodak Co, which brought photography to the masses over a century ago, had filed for bankruptcy in the US.
"We do not expect the business in India to be impacted in any significant way during this process," Kodak India Vice President - Marketing (Consumer Digital Imaging Group and Graphic Communication Group) P N Raghuvir told media.
He said Kodak and its US subsidiaries had voluntarily filed for US Chapter 11 reorganisation and that Chapter 11 does not impact non-US subsidiaries.
"We will continue our normal business operations," Raghuvir added.
Eastman Kodak Co, which dates back more than a hundred years, has been struggling to keep pace with the digital age. After years of poor performance the firm had layed off 47,000 employees and closed 13 manufacturing plants since 2003.
Asked if the subsidiary in India would take any change in strategies to handle the situation, Raghuvir said, "We are currently assessing the situation. But as of now, we will continue with our usual business."
Kodak India declined to disclose its total number of employees and sales performance. It has presence in three segments -- commercial printing, consumer digital imaging and motion picture in the country.
In 2003-2004, Kodak was one of the leading players in the compact camera space. However, its market share has been declining in the last few years.
As per industry estimates the compact digital market in India in 2011 was estimated to be 31 lakh units with Sony, Canon and Nikon together enjoying around 75 per cent share.