Mumbai: Videocon Industries is eyeing a sales turnover of Rs250 crore, from modern retail formats, having reportedly signed a series of memorandums of understandings (MoUs) with retailers.

The company has "assured business" from modern retail chains like the Future Group, Spencer''s and even its own Next. Company sources indicate that the Future Group''s Home Solutions sub-brand, and Spencer''s Retail have each assured Rs10 crore sales for Videocon''s consumer durable business.

Videocon is also reported to have agreements with new retailers like Reliance Digital to boost its consumer durables business. The company says it has seen business worth Rs196 crore through these new retail formats, and expects it to go up to Rs250 crore before the end of the year.

For the festive season, Videocon is using these large retail spaces to display its premium products such as LCD televisions, automatic washing machines and frost-free refrigerators.

Videocon is reportedly eyeing the premium range of the colour television market with a new LCD sub-brand, Time Engine. The company is leveraging quality technology from its our research centres in China and Korea, and hopes to challenge the segment leaders Samsung and LG through competitive pricing. Videocon reportedly has a 21 per cent market share of the LCD TV segment, under its Integra brand.

Videocon is looking at selling around 5 lakh colour televisions this festive season, some of which will have new features such as LCDs with a in-built 80GB hard drive that would allow up to 50 hours of recording, and LCDs enhanced sound systems such as cinema surround with a 1000W PMPO sound output.