Taiwanese smartphone manufacturer, HTC is going to shut down its operations in India. The company has laid off most of its workforce in the country. According to reports, Senior executives in India like country head Faisal Siddiqui, sales head Vijay Balachandran, and product head R Nayyar have resigned from their respective posts. However, CFO Rajeev Tayal will remain in the company.
Even as it exits India, HTC is not yet dissolving its Indian operations completely as it plans to sell virtual reality devices online with Taiwan completely controlling Indian entity, but this will be an extremely small business.The company had closed down its local manufacturing units a year ago.
“The company will continue to sell its smartphones in India. Since India is an important market for HTC, we will continue to invest in the country in the right segments and at the right time,” said an HTC spokesperson.
The smartphone had lost dominance its dominance as more Chinese brands rolled out their products in India at cheaper costs with top-notch specifications. The high price-point of HTC too was reported to be a reason for its downfall.