Vivo to invest Rs 1100 crore more in India
April 15, 2023: Vivo, the smartphone manufacturer, has announced that it will invest an additional Rs 1,100 crore by the end of 2023 to increase its manufacturing capacity in India. The company aims to commence production in its upcoming unit in Greater Noida by early 2024.
Vivo India also confirmed that it is on track to export over one million ‘Made in India’ smartphones in 2023, having already sent its first shipment to Thailand and Saudi Arabia in 2022.
This investment is part of Vivo’s proposed investment plan of Rs 7,500 crore, of which it plans to complete the first phase investment of Rs 3,500 crore by the end of 2023. The company has already invested Rs 2,400 crore in India.
In a press release, Vivo stated, “Vivo India has already invested Rs 2,400 crore, and a further Rs 1,100 crore is expected to be invested by the end of 2023 to increase its manufacturing capacity and support the government’s vision of making India a global export hub.”
This investment is expected to further strengthen the company’s commitment to the ‘Make in India’ initiative and boost the Indian economy by creating new job opportunities.
Vivo, the Chinese smartphone maker, has announced its plans to invest Rs 1,100 crore to ramp up its manufacturing capacity in Greater Noida.
The investment will be used to expand the company’s existing manufacturing facility, which is spread over an area of 169 acres. This move is expected to create around 5,000 new jobs in the region.
The expansion will be carried out in two phases. In the first phase, which is expected to be completed by December 2021, the company will invest Rs 800 crore to increase the production capacity of the facility to 50 million units per annum. The second phase of the expansion will be completed by 2022, with an investment of Rs 300 crore.
With this investment, Vivo aims to meet the growing demand for smartphones in the Indian market. The company has a market share of 17% in the Indian smartphone market, making it the second-largest smartphone brand in the country.
Vivo has been rapidly expanding its presence in India, with a focus on manufacturing and R&D. The company already has six R&D centers and a manufacturing facility in the country.
Speaking about the investment, Nipun Marya, Director-Brand Strategy, Vivo India, said, “India is a key market for us, and we have been consistently investing in the country.
The expansion of our Greater Noida facility is a testimony to our commitment to ‘Make in India’ and our focus on bringing value to our customers through local manufacturing.”
The investment by Vivo is a positive sign for the Indian economy, as it will create new job opportunities and boost the country’s manufacturing sector.
It also highlights the growing importance of India as a key market for global smartphone manufacturers.
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