MUMBAI: Japanese audio music systems maker Pioneer Corporation has announced the launch of its Indian subsidiary Pioneer India Electronics (PIEL) on  Friday.

PIEL will promote sales, marketing and after sales service primarily in car electronics business in the country. The company is targeting a turnover of Rs five billion from the Indian operations by the end of 2010.

"We have so far invested close to Rs 160 million in the new subsidiary. Our annual expenditure on marketing and new product launches would be about $ three million," said PIEL managing director Takashi Yoshida at the launch of six new models of car audio music systems in the capital on Friday.

Pioneer established its presence in India in 2005 with a representative office. In 2006, it tied-up with car accessories marketer Autocop India to exclusively market its music systems in India. The company has also established a strong dealer network in India.

The company also has opened two exclusive stores in Gurgaon and Bangalore respectively for retailing car and home audio systems. Besides, the company has also roped in film actor Shahid Kapoor as its brand ambassador.