Gionee to invest Rs500 crore to set up manufacturing plant in India – Feedback

Chinese smartphone maker Gionee plans to invest Rs 500 crore to set up a manufacturing facility in India, a top official said.

In addition, the company, which claims to be clocking roughly Rs 400 crore worth of sales every month, will spend Rs 200 crore on marketing and advertising during Diwali and a similar amount for the remainder of the year after November, besides launching nine models in this financial year.”We’re looking to set up our own manufacturing unit with an investment of Rs 500 crore that will have capacity of 20-30 million units a year,” Gionee India managing director Arvind Vohra said. Gionee presently assembles more than half of its phones through contract manufacturers Foxconn and Dixon. Plans to set up its own manufacturing facility may take a couple of years to fructify, Vohra said. Gionee’s annual revenue is expected to rise by almost 50% to Rs 4,800 crore this financial year if it continues selling half a million units every month at an average price of Rs 8,000 each.

http://telecom.economictimes.indiatimes.com/news/gionee-to-invest-rs500-crore-to-set-up-manufacturing-plant-in-india/53812413

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