Technology Other News 14 Dec 2018 China's Vivo buys 16 ...

China's Vivo buys 169 acres land, to invest USD 559 million in India

REUTERS
Published Dec 14, 2018, 12:51 pm IST
Updated Dec 14, 2018, 12:54 pm IST
The land is located near Vivo’s existing 50-acre manufacturing facility.
Vivo entered India’s highly competitive mobile handset market in 2014.
 Vivo entered India’s highly competitive mobile handset market in 2014.

Chinese smartphone maker Vivo on Thursday said it has acquired 169 acres of land in Uttar Pradesh and will spend 40 billion rupees (USD 559 million) to set up its second local plant in India.

The land is located near Vivo’s existing 50-acre manufacturing facility.

 

“India is a key market for us ... and today we have reiterated our commitment by entering the next phase of growth in India,” Nipun Marya, Director-Brand Strategy, Vivo India said in the statement.

Vivo entered India’s highly competitive mobile handset market in 2014 and, according to tech researcher Counterpoint, is among the top three smartphone sellers in India.

India, the world’s fastest-growing major mobile phone market, a host of global smartphone giants including Samsung Electronics, Oppo and Xiaomi Corp are expanding rapidly in India.

A flagship scheme of Prime Minister Narendra Modi to make the country a hub for smartphone manufacturing, like neighbouring China, has also helped the growth of mobile assembly in the South Asian nation and made it the world’s second-biggest mobile phone maker.

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