BackVeira Group to invest Rs200 crore to expand TV manufacturing capacity
The company claims it can now make 4 million LED TVs every year, up from the current capacity of 1 million
PremiumNEW DELHI : Noida-based Veira Group, an original design manufacturer (ODM) that designs and manufactures smart TVs for other brands, has announced an investment of ₹200 crore to expand its TV production capacity. The company claims it can now make 4 million light-emitting diodes (LED) TVs every year, up from the current capacity of 1 million.
The company said that out of the ₹200 crore, so far it has invested ₹120 crore in its new facility in Greater Noida, while the rest will be used over the next six months. The investment will also cover the company’s research and development (R&D) initiatives. The company’s other plant is located in Noida Sector 63.
The company said that it is also upgrading the PCB assembly capacity of the plant to produce 20,000 LED TV mainboards and PCBs every day.
Further, the company also announced that it will hire 1,000 people for R&D, skilled work, and management.
“We believe we will have captured more than 15% of the market by the end of 2023. The new plant and R&D Centre will help with the production of technologically advanced products and the introduction of new manufacturing lines is in line with the Make in India initiative," said Sharan Maini, director of operations at Veira Group.
ODMs are companies that have design capabilities and software licenses, which gives them greater flexibility to design products. Veira Group has software licenses for Web OS 2.0, Coolita Neo, Fire, and Android 11. Several OEMs in India are making a beeline for these software licenses. Early this month, Dixon signed an agreement with Google to license Android and Google TV. Last July, Noida-based TV manufacturer Videotex bagged the WebOS license from LG.
Veira Group is currently manufacturing LED TVs with a screen size of 23.6-inches to 75-inches and a price band of ₹5,000 to ₹1,50,000. The company makes TVs for more than 25 brands including Hitachi, Croma, Compaq, Hyundai, Haier, and Infinix.
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