In The home grown handset company, Maxx Mobile plans to invest 320 crore for setting up a handset and lithium ion battery manufacturing plant in India.
While talking to PTI, Maxx Mobile Communications Managing Director, Ajjay Agarwal, said, "We have a vision of being a true Indian mobile handset company. Hence, we have decided to set up a mobile handset manufacturing plant at Haridwar in India. At this plant, we will also have a unit to make lithium ion batteries.
The company has realised the importance of manufacturing handsets in India, instead of importing them from China. India has a large base of cost-effective labour. Labour costs in China are increasing and this is where India has a distinct advantage, Aggarwal said. Overall, the company has 10 to 15 per cent saving from manufacturing in India as compared to buying from China.
The manufacturing facility that Maxx Mobile is planning will have the capacity to produce 3.6 million handsets annually and the lithium ion plant will have a production capacity of 30 million units annually. By expanding its business, the company plans to achieve a target of Rs 2,500 crores in revenue during the next two years. The revenue for the previous financial year was close to Rs 1,450 crore.
"We have a vision of being a truly Indian mobile handset company. Hence, we have decided to set up a mobile handset manufacturing plant at Haridwar in India. At this plant, we will also have a unit to make lithium ion batteries," said Ajjay Agarwa. "India has a large base of cost-effective labour. Labour costs in China are increasing and this is where India has a distinct advantage."
On the topic of number of employees, Aggarwal said, With growth in business, we also see need of increasing headcount from 2,500 to 16,000 by the end of 2012.
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