Vivo to invest Rs 3500 cr by 2023 in India
Company is planning to strengthen its footprint in the country with Rs7500 crore proposed investment plan and start exporting by the end of 2022
Hyderabad: Vivo, the global smartphone manufacturer, announced measurable steps and strategies to scale up its business and strengthen its footprint in the country. The brand, known for its innovative offerings and customer-centricity, will export 'Made in India' smartphones from India this year.
As part of its Rs7,500 crore proposed investment plan, the company is expected to complete the investment of Rs 3500 crore by 2023 to scale up its manufacturing capacity annually. In addition to that, it will increase local sourcing of components like chargers and displays.
The company recently released its first-ever India Impact Report 2021. It highlights that vivo provides direct and indirect employment opportunities to around 1.4 lakh Indians. It created a socio-economic impact on the lives of 1.6 million Indians. The company made a definitive impact on its retail partners by providing 20 per cent growth in Average Selling Price (ASP).
Paigham Danish, Director Business Strategy, vivo India said: "It has been an enriching journey of seven years in India. As a brand, our goal is to reach new heights and expand in order to diversify our business portfolio. Scaling up our operations in India is a step in that direction. We are humbled looking at the people's trust in us. We will continue to touch lives as we enter in our next journey - the journey of becoming a healthier, more sustainable, and world-class corporation."
As part of the 'VivoCares' initiative, vivo contributed Rs 10 crore aid, with four crore cash donation to support Covid relief efforts during second wave of Covid-19. It Announced scholarship worth Rs 8 lakhs under vivo for Education Scholarship Program to support the higher education of deserving students.
