Vivo to Invest $574 Million in India

0
Latest startup news

In a move to strengthen its presence in the country, Chinese smartphone giant Vivo plans to invest over $573.95 million (INR 4,000 Cr) on its India plan, which includes setting up a new manufacturing plant here.

“Vivo India has secured 169 acres close to its existing plant in the Greater Noida area of Uttar Pradesh, where it will set up the second manufacturing facility of India,” said Nipun Marya, Director, Brand Strategy, Vivo.

Initially, Vivo is planning to invest $114.8 million (₹800 crore) apart from the land cost, and the new plant will become operational over the next 12-18 months. Marya claimed that this move will enable Vivo to create over 5,000 jobs in the first phase.

He also said that the plan will support its India demand since the existing plant has reached its full capacity. The first phase is expected to almost double Vivo’s current production capacity of 25 Mn units per annum. Marya said that Vivo also wants to deepen its component manufacturing.

The new plant will help the brand with global expansion as the company looks to export products to 16 countries.

Web Hosting

LEAVE A REPLY

Please enter your comment!
Please enter your name here