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Gionee to invest Rs 500 cr

Business Standard:  August 23, 2016

New Delhi: China-based smartphone maker Gionee will be investing Rs 500 crore to set up a manufacturing unit in India, to be operational in two years.

“We are identifying land for the unit. By next month, it will be finalised,” said Arvind Vohra, its India managing director.

The company currently assembles smartphones in partnerships with Foxconn and Dixon.

About 60 per cent of the devices are made in India. With its own unit (targeted capacity of 30 million devices annually), the company will cater to the entire Indian market with locally made devices and also export these.

It has allocated Rs 600 crore this financial year for marketing and branding activities. Actress Alia Bhatt has been hired as brand ambassador. Vohra says Gionee India aims to expand its market share from around five per cent now to 7-10 per cent by March.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.