Domestic mobile phone maker Intex will invest Rs 1,000 crore to set up a manufacturing facility at Greater Noida in Uttar Pradesh as it looks to end dependence on imports to meet its demand.
The facility, spread over 20 lakh square feet area, would be ready in three years and will have a capacity to produce 35 million phones. It will also produce LED televisions, washing machines and other computer peripherals.
The company believes in promoting manufacturing in India and is making about a million phones per month, Intex Technologies Head, Manufacturing, Amitabh Khurana told PTI.
In India, Intex has four manufacturing facilities — two in Jammu, one each at Baddi (Himachal Pradesh) and Noida (UP).
“The current emphasis on ‘Make in India’ campaign is a step in the right direction to make India an economic superpower. Intex already has a sizeable manufacturing base in the country and going forward there are aggressive plans to consolidate the manufacturing activities even further,” Khurana said.
Intex has been manufacturing in India since 2001.
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Apart from manufacturing, the company will invest Rs 500 crore in research and development over the next few years.
The firm is aiming two-fold growth in revenue to Rs 8,000 crore in the current financial year with 85 per cent of it coming from mobile division.
The company closed 2014-15 with a turnover of Rs 4,000 crore and about 75 per cent revenue came from mobile division. Consumer durables and IT products accounted for the rest.
“Intex has shown robust performance in mobile phones market during the past one year and has surpassed competition in last three months vis-à-vis shipments and local manufacturing (combined),” Intex Technologies Head Mobile Business Sanjay Kalirona said.
India is one of the fastest-growing smartphone markets globally and is expected to replace the US as the second largest market by 2017, as people switch to smartphones from feature phones and gradually upgrade to 4G-enabled phones.
In the April-June 2015 quarter, smartphone shipment in India grew 44 per cent to 26.5 million units from the year-ago period, as per research firm IDC.