Smartphones technology company Vivo came up with an investment plan of ₹3,500 crore in the coming two years to ramp up its manufacturing facility in the country and begin to export devices to foreign nations this year, a senior company official said on Wednesday.
Vivo India Director Paigam Danish told that the investment plan is an affidavit of the already laid ₹7,500 crore commitment the company made for India and it has invested ₹1,900 crore from the total till 2021.
“We have already invested ₹1,900 crore till 2021. We are set to invest ₹3,500 crore by 2023, and then in our coming phase, we are committed to investing ₹7,500 crore. These are investments in manufacturing only,” Danish said.
Vivo has 10 R&D centres all over the world, but unfortunately none in India to date. Vivo has 400 million customers the world over. The company has seven production units. Vivo says that it has over 650 service centres controlled exclusively by the brand. The company has over 600 exclusive stores. The market research conducted by firm IDC, Vivo stood on the third spot, after Xiaomi and Samsung, with a 15.6% market share in 2021.
Vivo targeted to multiply the smartphone production capacity in India to ₹12 crore annually from six crore at present and take the employee base to 40,000 after investing the entire amount of ₹7,500 crore. “We will be hiring 5,000 additional people by 2023 for our manufacturing unit,” Danish said.
