Maxx Mobile to invest Rs.320 Crore in India

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Maxx Mobile to invest Rs.320 Crore in India

Maxx Mobile has plans to invest approximately Rs.320 crore to set up a handset and lithium-ion battery manufacturing plant in India.

"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," said, Ajjay Agarwal, Maxx Mobile Communications.

The company sees advantages in manufacturing mobile handset in India, rather than importing them from China.

Talking about the cost of labour, he said that an average skilled labourer in China costs Rs.15,000 per month, while, in India, the monthly wage for an equally skilled labour is Rs.8,000.

Aggarwal added that the company's Haridwar plant falls in a tax-free zone, where it will receive tax exemption till 2020 under the current provisions.

The planned mobile phone manufacturing facility 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, he elaborated.

The company has a target for achieving a Rs.2,500 crore revenue in the next two years by expanding business, which was close-to Rs.1,450 crore in the previous financial year.

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