Vivo plans to start smartphone exports from India, to invest Rs 3,500 cr by 2023
The smartphone maker is planning to invest Rs 3,500 crore in two years for the same, according to a senior official of the company.
- Feb 17, 2022,
- Updated Feb 17, 2022 10:17 AM IST
Chinese smartphone maker Vivo is planning to boost its manufacturing facility in India and start exporting devices from the country in 2022. The smartphone maker is planning to invest Rs 3,500 crore in two years for the same, according to a senior official of the company. Director of Business Strategy at Vivo India Paigam Danish told news agency PTI that the investment is part of the Rs 7,500 crore commitment that the company has made for the Indian market. Vivo has already invested Rs 1,900 crore from total till 2021. Danish explained, “We have already invested Rs 1,900 crore till 2021. We will invest Rs 3,500 crore by 2023, and then in our next phase, we are committed to investing Rs 7,500 crore. These are investments in manufacturing only.” He further said that the company meets all the local demands for mobile phones from its plants in Greater Noida and is now eyeing exporting handsets from India. Danish stated that they are planning to start exports from India to other countries in 2022. He also said that Vivo has crossed 10 crore consumers in the Indian market. Vivo has also set a target to double the smartphone production capacity in India to 12 crore annually from 6 crore at present and take the employee base to 40,000 after investing the amount of Rs 7,500 crore. The company will hire 5,000 additional people by 2023 for our manufacturing unit. Vivo India has 10,000 employees at its manufacturing unit at present. In a bid to enhance its manufacturing capacity, the company has acquired another 169 acres of land in Greater Noida and is also enhancing local procurement. According to Danish, “We are developing the entire ecosystem, which means focusing on local procurement. 95 percent of batteries are being sourced locally and 60 percent of chargers.” He further underscored that the company plans to increase local sourcing of chargers to 75 per cent by 2024 and 65 per cent of display by 2023, thus providing more employment opportunities in the Indian market. (With agency inputs)
Chinese smartphone maker Vivo is planning to boost its manufacturing facility in India and start exporting devices from the country in 2022. The smartphone maker is planning to invest Rs 3,500 crore in two years for the same, according to a senior official of the company. Director of Business Strategy at Vivo India Paigam Danish told news agency PTI that the investment is part of the Rs 7,500 crore commitment that the company has made for the Indian market. Vivo has already invested Rs 1,900 crore from total till 2021. Danish explained, “We have already invested Rs 1,900 crore till 2021. We will invest Rs 3,500 crore by 2023, and then in our next phase, we are committed to investing Rs 7,500 crore. These are investments in manufacturing only.” He further said that the company meets all the local demands for mobile phones from its plants in Greater Noida and is now eyeing exporting handsets from India. Danish stated that they are planning to start exports from India to other countries in 2022. He also said that Vivo has crossed 10 crore consumers in the Indian market. Vivo has also set a target to double the smartphone production capacity in India to 12 crore annually from 6 crore at present and take the employee base to 40,000 after investing the amount of Rs 7,500 crore. The company will hire 5,000 additional people by 2023 for our manufacturing unit. Vivo India has 10,000 employees at its manufacturing unit at present. In a bid to enhance its manufacturing capacity, the company has acquired another 169 acres of land in Greater Noida and is also enhancing local procurement. According to Danish, “We are developing the entire ecosystem, which means focusing on local procurement. 95 percent of batteries are being sourced locally and 60 percent of chargers.” He further underscored that the company plans to increase local sourcing of chargers to 75 per cent by 2024 and 65 per cent of display by 2023, thus providing more employment opportunities in the Indian market. (With agency inputs)