Make In India: Lava Pledges Investment of Rs 2615 Cr To Scale Up Production To 18 Million Units Per Month
Make in India campaign received another major boost from Lava, an Indian mobile manufacturer. Pledging an investment of Rs 2615 crore in the next 7 years, Lava has shared that they will set up two more units in the country to scale up production to 18 million units per month.
They already have a manufacturing unit in Noida, where they product 0.5 million handsets every month.
In the next 7 years, they will establish one unit in North of India and one in South of India; and once operational, their three units will produce 18 million handsets per month.
Sanjeev Agarwal, Lava International chief manufacturing officer said, “The funds will be deployed over a period of seven years. We are in discussions with various state governments and we should be able to close in on a decision in the next three weeks.”
As per the plan, their 2nd unit would be up and running by beginning of 2017. Some portion of this fund would also be used in research and development work for the company.
In 2012, Lava launched world’s first Intel chip powered smartphone called XOLO. Last year, they also launched their first Windows based smartphone: Iris Win1. Lava’s Android based handset series Iris is now a well known brand and continues to make inroads into the Tier 2 and Tier 3 market.
Last year they reported revenues of $980 million; and in some segments, they give stiff fight to Karbonn and Micromax. As per reports, they are also planning to double their headcount to 14,000 in the next 4-5 years.
Make in India Projects
Ever since PM Modi launched ‘Make in India’ program last year, Indian corporate sector witnessed a sudden spike in investments related with manufacturing and production inside the country. In June we reported that Make In India campaign has directly or indirectly resulted in creation of 2.75 lakh new jobs, with an increase of 118% employment.
Such is the enthusiasm that IIT Kharagpur has decided to start a special program to teach Make in India vision to entrepreneurs.
Some major announcements under Make in India program:
- Samsung to invest upto $1 billion in Uttar Pradesh; Sony will start manufacturing as well
- Ford will open Rs 6000 crore factory in India
- Foxconn, SoftBank and Bharti to invest $20 billion in Solar Energy
- Foxconn will create 10 lakh jobs in India and manufacture iPhone
- LG announced Rs 1000 crore investment for domestic manufacturing
- Hero Group to manufacture electronics products in India
- Microsoft and Motorola will start local manufacturing
- Gionee will kickstart local manufacturing of their phones
- Lenovo will manufacture smartphones in India
- Airtel will make Make in India set-top boxes
- Japan to establish 11 industrial townships & double their investment
- Rs 4.5 Lakh Crore investments pledged during Digital India week