Indians winning Olympic medal to get Rs 50 lakh from Milagrow

Tablet PC and electronics robot maker company Milagrow will gift over Rs 50 lakh to every Indian athlete who wins a medal in the ongoing London Olympics.

"Milagrow will gift more than Rs 50 Lakh to Olympics Medal Winners with Launch of Special Edition TabTop PCs and Domestic Robots in their names," Milagrow Business and Knowledge Solutions' Founder and CEO, Rajeev Karwal, told.

He added in case of a team winning a medal, the amount will be evenly distributed among players in the team.

Milagrow will launch special edition of tablet personal computers and domestic robots to honour medal winners in Olympics 2012 and five per cent of the sales proceeds from these models will be given to the medal winners.

"In such a scenario, we expect to easily sell more than 10,000 Tab Tops and Domestic Robots named after the players at minimum price of Rs 10,000 each. This at 5 per cent would net the player an income of over Rs 50 lakh over the product life-cycle," Karwal said.

Milagrow will launch these special edition products within six months after consultation with the athletes or nominated members from the team and from the sale receipts of each model it will give 5 per cent to the athlete or the team on a monthly basis, till the model sells.

Karwal expects to achieve target sales of Rs 10 crore from each individual model of special edition within an year of launching products.

In addition to this, Milagrow has also announced a cash award of Rs 1 lakh for each individual gold medal winner, Rs 75,000 for silver medal winner and Rs 50,000 for bronze medal winner.

Milagrow started selling tablet PCs in October 2011 and in January 2012 it launched robots in India for domestic cleaning purposes.