As part of its Rs 7,500 crore proposed investment plan, vivo is on track to complete phase I investment of Rs 3,500 crore by the end of 2023…reports Asian Lite News
vivo India on Thursday said that the company will export more than one million ‘Made in India’ smartphones in 2023.
In its second edition of India Impact Report, the company mentioned that it exported its first ‘Made in India’ smartphone shipment to Thailand and Saudi Arabia in 2022.
As part of its Rs 7,500 crore proposed investment plan, vivo is on track to complete phase I investment of Rs 3,500 crore by the end of 2023, which will allow it to commence production in its new ‘state of the art’ manufacturing facility by early 2024, according to the company.
“Our serious efforts on developing the local value supply chain, manufacturing expansion, our contribution in bridging the digital divide reinforce our commitment to the India market and makes us a formidable force in the Indian smartphone ecosystem,” Yogendra Sriramula, Head, Brand Strategy, vivo India, said in a statement.
“Further, aligned with the Government of India’s vision to make the nation a global export hub, we have reiterated our unwavering commitment to India by exporting the first shipment to Thailand and Saudi Arabia. We are proud that we are on the track to exporting 1 million smartphones in 2023,” he added.
Moreover, vivo India has already invested Rs 2,400 crore, and a further Rs 1,100 crore is expected to be invested by the end of 2023 to increase its manufacturing capacity and support the government’s vision of making India a global export hub.
Under the ‘Atmanirbhar Bharat’ initiative, the company said that 100 per cent of vivo’s motherboard assembly is happening in India, also the smartphone maker procures 95 per cent of its battery and 70 per cent of its charger components locally.
