IANS | 07 Apr, 2024
Homegrown manufacturer of audio electronics, MIVI, on Friday said
that it invested Rs 200 crore in local manufacturing, as the company
laid the foundation stone for its new state-of-the-art factory in
Hyderabad.
The new facility will house the R&D and manufacturing under one roof and will create 2,000 new jobs, the company said.
"This
is a proud milestone for MIVI and India, showcasing our nation's
burgeoning manufacturing capabilities and reducing reliance on foreign
imports in the audio electronics domain," Midhula Devabhaktuni,
Co-founder and CMO, MIVI, said in a statement.
"The factory will
house component manufacturing for wearables, presently non-existent in
India," she added. The new factory is expected to be operational by
March 2025.
According to the company, the new facility will be
equipped with cutting-edge technologies and meticulously designed to
uphold the highest benchmarks for environmental sustainability.
This
state-of-the-art manufacturing establishment boasts the prowess to
produce a remarkable 1,00,000 units daily, encompassing an extensive
array of audio products, including earphones, soundbars, speakers,
gaming accessories, and an assortment of allied merchandise, the company
mentioned.
Founded in 2016 by Viswanadh Kandula and Devabhaktuni,
MIVI aims to take the Indian electronics industry to a new level by
meeting the needs of customers by curating high-quality products
according to their tastes and preferences.
