China’s Phicomm to invest $1 billion to set up India units
Phicomm, a Shanghai-based smartphone maker has announced to invest around 6400 crore rupees in India by 2017.
The company has decided to set up five business units in phased manner which includes units of – Mobile phones, Cloud services, Enterprise, SOHO- Small Office Home Office networking products and Intelligent Cities in India.
Accordingly the company would set up an R&D unit in Gurgaon or Bengaluru, local brownfield assembly unit and contract manufacturing units in India.
By October 2015, Company plans to launch its SOHO products such as routers in which it leads in China and aims to sell 1,00,000 Smart phones by the end of the year.
It is Shanghai-based smartphone manufacturer incorporated in 2008. It manufactures some notable brands like ZTE’s Nubia, Vivo, Coolpad’s Dazen, Meizu.
Phicomm entered in India in India in June 2015 and has launched smart phones and 4G devices. In China it competes with Apple where as it has to face Samsung the top player in India.
Note: Recently the Taiwan-based Foxconn, that manufactures Apple’s iPhone and iPad has signed a MoU with Maharashtra government to set up facility in the state and will invest over 5 billion dollars in period of three years.
Categories: Business & Economy Current Affairs 2017