Vivo To invest Rs 1100 Crore in India in 2023
Vivo plans to infuse Rs 1,100 crore into expanding its manufacturing capabilities in Greater Noida. The company emphasizes that it recognizes the significance of investing in India as part of its unwavering dedication to the country.
The objective is to establish a comprehensive ecosystem that caters to various aspects of its operations, said the company. Yesterday, the firm teased vivo X90 series ahead of India launch.
Investment Plan for India: Rs. 7,500 Crore Phase-wise Commitment
Vivo, a leading smartphone manufacturer, has outlined its phase-wise investment plan of ₹7,500 crore for India. As part of the phase-I investment plan announced in 2022, ₹2,400 crore has already been invested, and an additional ₹1,100 crore is expected to be invested by the end of 2023.
This investment will help expand Vivo’s production capacity and align with the government’s vision of making India a global export hub.
The phase-I investment will also pave the way for the upcoming factory to be operational by early 2024, subject to necessary clearances from state authorities. The factory, spread over 169 acres, is projected to have a production capacity of 120 million smartphones per year when fully operational.
Enhancing Local Sourcing for a Self-reliant India
Vivo emphasizes its dedication to supporting the “Atmanirbhar Bharat” (Self-reliant India) initiative by increasing its local sourcing of materials, a significant percentage of the total cost. As a responsible corporate citizen, Vivo aims to contribute to building a vibrant and empowered India through its manufacturing operations.
Commitment to ‘Make in India’ and Manufacturing Excellence
Vivo has been a pioneer in setting up its own manufacturing facility in India, showcasing its commitment to the Prime Minister’s “Make in India” initiative. Vivo was also the second Original Equipment Manufacturer (OEM) to introduce Surface Mounting Technology (SMT) lines, promoting domestic value addition in smartphone production.
With a monthly capacity of around 5 million smartphones, Vivo’s manufacturing plant in India has been consistently consolidating its existing capacity, demonstrating a steadfast focus on quality and manufacturing efficiency.
Exporting ‘Made in India’ Smartphones to the World
Vivo recognizes the significant role of exports in driving economic growth and development in India. The company has taken proactive steps to support the government’s efforts in promoting electronics manufacturing and smartphone exports.
In 2022, Vivo made its first shipments of ‘Made in India’ smartphones to Thailand and Saudi Arabia, showcasing its commitment to being a responsible and valuable partner to the Government of India. Vivo aims to export over 1 million ‘Made in India’ smartphones in 2023, contributing to India’s position in the global market.
Innovation for Indian Users
Vivo is committed to democratizing innovation by developing smartphones designed specifically for Indian users. By actively engaging with users and understanding their needs and preferences, Vivo aims to incorporate design elements from India into its products.
Vivo’s user-focused approach involves participation from senior management, and the feedback received from Indian users helps inform the company’s innovations. Vivo sets high standards for smartphone innovation, with a particular focus on photography and smartphone design that reflects the desires of Indian users, fulfilling their expectations in a meaningful manner.
As we launch the vivo India Impact Report'22, unlock our journey of staying committed to India & multiplying joy amongst its people, communities, and retailers.
Read the complete report here: https://t.co/SbYKytKc26 #LiveTheJoy #vivo #TheJoyMultiplier #vivoIIR #vivoForIndia pic.twitter.com/rK5infvldR
— vivo India (@Vivo_India) April 14, 2023
On the announcement, Yogendra Sriramula, Head, Brand Strategy, vivo India, said:
Vivo has a strong vision for India’s smartphone market and is committed to creating a thriving ecosystem. We believe in making a meaningful impact on the Indian economy while delivering value to our stakeholders. In 2022, we started exporting ‘Made in India’ vivo smartphones for the first time, contributing to the Prime Minister’s vision of establishing India as a global export hub. We take pride in exporting over 1 million ‘Made in India’ vivo smartphones worldwide in 2023, a significant achievement for us.
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