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Business News/ Companies / News/  Oppo to invest $60 million in Indian SMEs to boost local smartphone supply chain
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Oppo to invest $60 million in Indian SMEs to boost local smartphone supply chain

Oppo India will invest to “strengthen” the “local supply chain” network for smartphones

Oppo will invest 60$ mn in Indian SMEs over a period of five yearsPremium
Oppo will invest 60$ mn in Indian SMEs over a period of five years

NEW DELHI : Oppo will invest $60 million (approx 476 crore) in SMEs and MSMEs in India to “strengthen" the “local supply chain" network for smartphones.

The investment will be made in phases over a period of five years under project ‘Vihaan,’ Oppo added.

The announcement comes in the backdrop of the investigation by India’s Directorate of Revenue Intelligence (DRI) into allegations that the company evaded custom duty worth 4,389, according to a Ministry of Finance statement, released July 13.

Oppo said it has collaborated with the government and industry to help 30 “Tier-1 suppliers" set up operations in India employing “tens of thousands" of Indians. Oppo said it has also developed a strong network of 1,000 distributors since it started operation in the country.

“With a robust local supply chain getting established, the time is right for promoting exports of our quality ‘Make in India’ smartphones to identified markets," Vivek Vasishtha, vice president, Public Affairs at Oppo India said in a statement.

Vasishtha added that this would facilitate Oppo India in expanding the export capacity to $5 billion over the next five years.

A subsidiary of Chinese conglomerate BBK Group, Oppo is the fifth biggest smartphone brand in India. According to a July report by Counterpoint Research, Oppo accounted for 11% of smartphone market share in the three months ending.

Oppo claims to have invested 2,400 crore to set up one of its largest manufacturing facilities in Greater Noida that makes one smartphone every three seconds. The factory employs “tens of thousands" of workers. Oppo also has a Research and Development center in Hyderabad which has produced patents in 5G, camera and power.

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ABOUT THE AUTHOR
Abhijit Ahaskar
Abhijit writes on tech policy, gaming, security, AI, robotics, electronics and startups. He has been in the media industry for over 12 years.
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
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Published: 29 Jul 2022, 08:44 PM IST
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