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Vivo announces Rs 4,000 crore investment for new UP plant
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SME Times News Bureau | 13 Dec, 2018
Chinese smartphone maker Vivo on Thursday announced an additional
investment of Rs 4,000 crore over a period of four years for opening a
new manufacturing plant on the Yamuna Expressway in Uttar Pradesh that
will generate 5,000 jobs in its first phase of expansion.
The new
169-acre land has been acquired near the existing 50-acre manufacturing
facility that will help expand Vivo's manufacturing capabilities and
support its continued growth in the country, the company said in a
statement.
The Rs 4,000-crore investment, which does not include
the cost of the land, will also spur job opportunities in the region,
added Vivo that entered India in 2014.
"India is a key market for
us, and today we have reiterated our commitment by entering the next
phase of growth in India. We're proud that the new plant will offer a
major benefit to the surrounding area through high-quality job creation
and training opportunities," said Nipun Marya, Director-Brand Strategy,
Vivo India.
According to the company, Chief Minister Yogi Adityanath welcomed the initiative and congratulated it.
Currently,
all Vivo smartphones sold in the country are being manufactured at the
Greater Noida facility, which is one of Vivo's four manufacturing
factories globally.
The existing manufacturing set-up, which saw
an investment of Rs 300 crore, produces two million units a month, with
more than 5,000 people at work.
With the new facility, Vivo aims to double the current production capacity to 50 million units per annum.
This is the second big-ticket investment from a global smartphone maker in Uttar Pradesh.
In
2017, Samsung announced that it would invest Rs 4,915 crore to double
its manufacturing capacity for smartphones and refrigerators at its
Noida plant.
The South Korean giant in July set up one of the
world's largest mobile manufacturing facilities in Noida, Uttar Pradesh,
which was inaugurated by Prime Minister Narendra Modi and South Korean
President Moon Jae-in.
When it comes to Vivo, the company was
third with 10 per cent market share in India, after Xiaomi and Samsung,
in the third quarter this year. Vivo performed exceedingly well in
offline channels, said Counterpoint Research.
Marya told IANS in a
recent interview that in terms of value, Vivo is the leader in the Rs
20,000-Rs 30,000 segment and overall No. 2 in the Indian smartphone
market for the past 18 months.
According to him, the brand
awareness of Vivo, which bagged the title sponsorship for five
consecutive sessions of Indian Premier League (IPL) starting this year
with a whopping Rs 2,199 crore bid, is 100 per cent.
There are
currently more than 70,000 retailers in India where Vivo phones are
available and the company has more than 200 exclusive stores and two
experience centres.
"When we entered India, we were very clear
that we wanted to build a very strong foundation here. And four years
after entering the Indian market, we stay totally committed to the
country," he said.
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