The company has acquired another 169 acres of land in Greater Noida where it is developing its new manufacturing unit and is now enhancing local procurement
Chinese smartphone maker Vivo is looking to make India a strategic location as it plans an investment of about Rs 3,500 crore in two years to boost manufacturing in the country and start exporting devices from the country this year.
This is part of the Rs 7,500-crore commitment that the company made for India. It has already invested Rs 1,900 crore from total till 2021.
“We have already invested Rs 1,900 crore till 2021. We will invest Rs 3,500 crore by 2023, and then in our next phase, we are committed to investing Rs 7,500 crore. These are investments in manufacturing only,” Vivo India Director (Business Strategy) Paigam Danish said.
He added that Vivo is capable enough to handle exports as it meets all the local demands for mobile phones from its plants located in Greater Noida.
“Starting from 2022, we are planning to start exports from India to other countries,” Danish said.
Vivo has set a target to double the smartphone production capacity in India to 12 crore annually from six crore at present and take the employee base to 40,000 after investing the entire amount of Rs 7,500 crore.
“We will be hiring 5,000 additional people by 2023 for our manufacturing unit,” Danish said.
The company has acquired another 169 acres of land in Greater Noida where it is developing its new manufacturing unit and is now enhancing local procurement.
“We are developing the entire ecosystem, which means focusing on local procurement. Ninety-five per cent of batteries are being sourced locally and 60 per cent of chargers.
“We aim to increase local sourcing of chargers to 75 per cent by 2024 and 65 per cent of display by 2023. As a result, we will build the Indian market by providing more employment,” he said.