 "Vivo to set up new manufacturing plant in UP at an investment of Rs 40 bn")
Chinese handset maker Vivo Thursday said it will set up a new manufacturing facility in Uttar Pradesh, investing Rs 40 billion over a period of four years.
The company, which competes with the likes of Samsung and Xiaomi in the Indian market, has acquired 169-acre land in the Yamuna Expressway region, a statement said.
The new land has been acquired near the existing 50-acre manufacturing facility and will help expand Vivo's manufacturing capabilities and support Vivo's growth in India, it added.
Vivo entered India in 2014 with a commitment to bring product innovation, focus and value to our consumers. India is a key market for us, and today we have reiterated our commitment by entering the next phase of growth in India," Vivo India Director-Brand Strategy Nipun Marya said.
He added that the new plant will offer a major benefit to the surrounding area through high-quality job creation and training opportunities.
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All Vivo smartphones sold in the country are manufactured at the Greater Noida facility, which is one of Vivo's four manufacturing facilities globally.
The existing manufacturing set-up, which saw an investment of Rs 3 billion, already functions at a capacity of 2 million units per month with more than 5,000 workforce.
Vivo expects to generate 5,000 additional jobs in the first phase of expansion, the statement said.
During this phase, Vivo also plans to double the current production capacity to 50 million units per annum, it added.
