Business

vivo to invest $560M in new smartphone plant in India

The Chinese company vivo has been a strong player on the Indian market mostly due to the ability to manufacture devices in the country without paying additional import tariffs and taxes.

According to latest reports from New Delhi, the company is planning to expand its 50-acre (202 thousand sq.m) facility with additional 169 acres of land (about 684 thousand sq.m) where a new manufacturing plant is expected to be built. The investment is reported to be nearly $560/500 million.

The deal on the expansion in Uttar Pradesh was approved by state chief minister Shri Yogi Adityanath. Company representatives said the current manufacturing plant is yielding 2 million smartphones per month and employs over 5,000 people.

The new contribution will significantly increase the socio-economic growth of the manufacturing ecosystem in India by creating additional jobs, wage growth, and skill development.

The first phase of expansion is expected to add 5,000 more jobs while the facilities are built. When everything is done, the production capacity should be increased to 50 million units per year, effectively tripling the overall yield.

Via