Vivo to Invest Rs. 4,000 Crores for New Mobile Phone Plant in India
Chinese smartphone maker Vivo on Thursday announced an additional investment of Rs. 4,000 crore for over a period of four years towards 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 for the upcoming facility.
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.
Vivo currently has a wide distribution network across the country – both online and offline – catering to over 539 cities in 27 states and 5 union territories backed by more than 550 service centres.
[“source=ndtv”]
