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.

For More Details See

www.varindia.com

Comments

Post a Comment

Popular posts from this blog

N Chandrasekaran appointed chairman of Tata Sons

Image
The board of directors of Tata Sons, at its meeting has unanimously appointed N Chandrasekaran as executive chairman, Tata Sons. N Chandrasekaran shall take charge from February 21, 2017. The board of Tata Sons said, “Chandrasekaran has demonstrated exemplary leadership as the chief executive officer and managing director, Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead.” Chandrasekaran was the chief executive officer and managing director of Tata Consultancy Services since 2009. A Tata lifer, he had joined the company in 1987 and was appointed as a director on the board of Tata Sons on October 25, 2016.
Read more

Visa buys NFT based CryptoPunk and paid $150,000 in Etherium

Image
Visa buys NFT based CryptoPunk and paid $150,000 in Etherium:  Leader in the digital payments   Visa   has purchased a digital CryptoPunk for $150,000, marking the company's first ever   NFT   purchase. The deal is clearly shows that, Visa is stepping into the world of NFTs with its purchase of   CryptoPunk 7610 .   Going forward, NFTs and Visa to align and integrate them in new brand strategy to gain a sizable market share. However, NFTs have often been compared to physical collectible items like rare trading cards and works of art.   The CryptoPunk 7610, which feBlatures a female punk with a mohawk and large green eyes. "We envision there could be a future where your crypto address becomes as important as your mailing address," Visa's Head of Crypto said.   An NFT - which stands for non-fungible token - is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can’...
Read more

Prizm Payment Services changes its name to Hitachi Payment Services

Image
Hitachi Payment Services Pvt. Ltd has changed its corporate name from Prizm Payment Services Pvt. Ltd (“Prizm Payment Services”) to Hitachi Payment Services Pvt. Ltd (“Hitachi Payment Services”). “The new name reflects Hitachi’s commitment to business expansion in India, and to build a strong global financial payments offering leveraging the expertise of the Prizm Payment Services acquisition. Hitachi sees immediate potential to grow in the Asian subcontinent markets with the epicentre of growth being India, and migrate into other markets. Also, the name change will have no change on Prizm Payment Services’ operations,” said Loney Antony, Managing Director, Hitachi Payment Services. “Hitachi had acquired Prizm Payment Services with the aim of accelerating global development of IT services businesses targeting financial institutions, particularly in the fast-growing Asian region, and the company has been the gateway of entering into the services business in India for Hitachi. We ...
Read more