Lava to invest Rs 2,615 crores over the next 7 years in India

• Handset makers are looking to tap the multi-billion dollar opportunity in India, which is one of the fastest growing smartphone markets in the world.
• It currently has a software R&D unit in Bengaluru and a hardware unit in Shenzhen.
• In line with ‘Make in India’ initiative, domestic handset vendor Lava will invest Rs. 500 crores to set up a manufacturing plant in Tirupati.
• The majority of the investment will go into a 100-acre plant along the Noida expressway which will also house a hardware research and development centre
• The facility in Tirupati will aim to generate employment for 12,000 people, said company’s International Chief Manufacturing Officer Sanjeev Agarwal.
• He added, the two units to generate capacity of 18 million devices per month by 2021.
• Lava’s unit in Tirupati will be set up over 20 acres of land that is expected to be allotted by the government to the company in the next two-three months.

Source: EconomicTimes