Due to the US dispute with China, many technology companies are working to increase production in other countries around the world. Apple is already working on setting up factories in India. Vivo has announced an investment of Rs. 1,100 crore in the country. News eTelecom.
This investment will be made to increase the annual production at the local level. Through this, the country’s domestic and export needs will be met. Through the investment, a new manufacturing plant will be set up in the country covering 169 acres. According to senior executive sources of the company, production will start there from 2024.
Yogendra Sriramula, Head of Band Strategy, Vivo India, said, ‘We have a large-scale investment plan. In the first phase, we will invest Rs. 3,500 crore. Currently its work is in progress and we will keep our promise.’
He also said, ‘Investment of 2 thousand 4 billion dollars has already been completed. Rs. 1,100 crores of investment will be completed during the rest of the year. This means we will be able to start the first phase of production in Noida early next year.’ The factory to be built on 169 acres is one of the most modern facilities in the world.
The executive said that the current factory is for a small scale. But the demand will increase in the future. Accordingly, the new factory built on 169 acres of land will play an important role. He said, ‘India’s smartphone market is very promising. Along with that, we are persistent in achieving the goal. Vivo will continue to do its utmost to build a strong smartphone ecosystem in India.’
The Chinese company has set a target of marketing 1 million smartphones from its factories in India this year. The company has started exporting to Thailand and Saudi Arabia since last year. He said, ‘We operate in more than 60 countries. Wherever opportunities are found, the initiative to export products is taken. But he did not mention the name of any country. Earlier, it had proposed an investment of Rs. 7,500 crore to grow the manufacturing ecosystem and retail market in India.