A consortium, led by investor Kalpraj Dharamshi and Rekha Jhunjhunwala, has taken over the company following the National Company Law Tribunal''s (NCLT) approval.
The company has set a target to almost double its revenue from the printer business in the next three years to Rs 500 crore with the new management in place.
"We have now brought in fresh capital from the new promoters. The new name of the company will now be Minosha Digital Solutions (MDS). We will continue to sell the brand ''Ricoh'' and are in advanced talk with Ricoh Japan to be their distributor," MDS Managing Director Atul Thakker told PTI.
Ricoh India had submitted a resolution plan in February 2019 before the NCLT following an alleged irregularity by the company''s top management in 2016.
"We are now a debt-free company and can get in fresh capital when we need," Thakker said.
The company has now also roped in Xerox India former executive director Balaji Rajagopalan as its chief executive officer for core business who will focus on the printer business for enterprises.
"We have infrastructure in place. The company has 300 channel partners. We can easily build growth momentum on the same. We expect to double our revenue in 3 years to around Rs 500 crore," Rajagopalan said.
He said that currently, Minosha''s market share is around 6 per cent and the company has the opportunity to quickly build the growth.
"We were unable to push business growth because we lacked capital and now it is of no issue," Rajagopalan said.
The company has bagged around Rs 1,300 crore project from the Department of Posts for IT system integration but has excluded its contribution in the growth projection.
"We will focus on the printer business. We are still evaluating IT services business," Thakker said. PTI PRS HRS