Vivo, the smartphone manufacturer, is planning to invest Rs 3,500 crore to expand its manufacturing capacity in India and start exporting devices.
Vivo has already invested Rs 1,900 crore till 2021. The current capex plan of Rs 3,500 crore is expected to materialise by 2023. In all, the company has committed to invest Rs 7,500 crore over the next couple of years.
Vivo has set a target to double the smartphone production capacity in India to 12 crore annually from six crore at present and take the employee strength to 40,000. The company will be hiring 5,000 additional people by 2023 for its manufacturing unit. At present its employee count is around 10,000 at its manufacturing unit at present.
The company has acquired another 169 acre of land in Greater Noida, Uttar Pradesh where the new manufacturing unit will come up.