BackVivo to expand manufacturing, plans ₹3,500 crore investment, aims exports
The new and proposed facility will add 40,000 more jobsVivo claims to have 25% market share in retail channels
PremiumVivo, the fourth largest smartphone maker in the country, is going to invest ₹3,500 crore by 2023 into expansion of its manufacturing capacity. The new and proposed facility will add 40,000 more jobs. The facility will primarily be used to meet the demands in the domestic market and as well as fuel exports out of India. Vivo hopes to start the export by this year only. The new manufacturing unit will add the total production output to 60 million units annually.
The Director Business Strategy of Vivo India, Paigham Danish told this to Livemint in an exclusive interaction on the sidelines of its India Impact Report 2021.
Vivo is likely to strengthen its local sourcing of components with this investment. The smartphone maker aims to touch 95 per cent localization. The ₹3,500 crore investment plan which is a part of larger 7,000 crore pack aims to touch 65 per cent display localization and upto 75 localisation in charger. It targets to reach 120 million units annually with the planned investments.
"As a brand, our goal is to reach new heights and expand in order to diversify our business portfolio. Scaling up our operations in India is a step in that direction. We are humbled by people's trust in us," added Danish.
Vivo has 10 R&D centres across the world, but unfortunately none in India till now. Vivo has 400 million users world over. The company has 7 production units. Vivo says that it has over 650 service centres owned exclusively by the brand. The company has over 600 exclusive stores.
Vivo claims to have 25% market share in retail channels whereas it also has online presence across Flipkart and Amazon. The Chinese smartphone maker employs around 1.40 lakh people in India across all units owned by it and thus affecting the lives of nearly 1.6 million families in a better way.
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