Vivo to invest Rs 500 cr over 3 years in India
For Vivo, India will be its second most strategically important country after its home market- China, in terms of investments, scale because of the potential growth for smartphone penetration which currently stands at about 30% , according to Alex Feng, Chief Executive Officer, Vivo Mobile India.
Vivo is planning to invest Rs 500 crore in India over the next three years on setting up a smartphone manufacturing unit in Uttar Pradesh and a research and development unit in a phased manner. The handset company will invest Rs 125 crore as a first tranche when it starts assembly of some of its models from the plant through a brown-field unit located in Noida.
Alex Feng Chief Executive Officer Vivo Mobile India. Vivo to invest Rs 500 cr over 3 years in India
Alex Feng also added that the assembly plant should begin production by October or November, after the final approval from the government comes in, likely by beginning next month. Negotiation is going on with the UP government, and the company has applied for licenses and clearances.
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