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GX Group gets Rs 200-cr grant commitment

Telecom gear maker GX Group has received the commitment of Rs 200-crore capital infusion from the Netherlands government-backed Investment International in the form of grants, a senior official of the company said.

GX Group Head of Sales Sambit Swain told PTI that the company will use the fund for research and development as well as expansion on manufacturing in India.

“With Invest International spending the second part of the investment, we will scale up and plan for design tooling of our products, establishing our patented made-in-India designs, for future innovation supporting demands for next-gen WiFi and 5G WWE in Europe and all over the globe,” Swain said.

Broadband equipment maker GX Group is among the 42 companies that have qualified for the telecom production linked incentive scheme.

GX Group is ready with its Chennai development centre, which is the largest among all its global development centres.

Last year with the opening of its production facility at Manesar in Haryana, GX has already manufactured more than 1 million broadband devices that have been shipped in and outside of India.

Swain said that Invest International, formerly known as DGGF, will infuse Rs 110 crore in GX Group’s research and development in India and Rs 90 crore for scaling up the company’s manufacturing facilities.

“We have already received Rs 70 crore from Invest International. Next investment planning will be a bit based upon the next few quarters,” Swain said.

He said that India has already seen explosive growth in internet users and with the increased number of broadband users, demand for fibre broadband is increasing at a very rapid pace in comparison to the other global markets.

“This is creating a massive demand for fibre broadband equipment in India. With the government’s commitment towards ‘Atmanirbhar Bharat’, India has great potential in the internet market by not only consuming services but even creating them in India,” Swain said. PTI

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