Connect with us

Company News

Oppo to invest $60 million in India

Chinese smartphone maker Oppo said on Friday it would invest $60 million (about Rs475 crore) in India over the next five years under its ‘Vihaan’ project to strengthen the manufacturing ecosystem by empowering micro, small and medium companies here.

In a statement on Friday, Oppo said the move would help the company in expanding its export capacity to $5 billion annually over the next five years.

Over that time, Oppo said it would also focus on the development of next-generation technologies such as 5G and artificial intelligence to accelerate the product development process from India, empowering and mentoring technology startups and exploring collaborations with educational institutions to drive innovation.

Its investment plans in India come even as the fourth largest smartphone brand in the country faces charges of customs duty evasion of Rs 4,389 crore. The company has denied any wrongdoing.

“With a robust local supply chain getting established, the time is right for promoting exports of our quality ‘Make in India’ smartphones to identified markets. This would facilitate Oppo India in expanding the export capacity to $5 billion over the next five years,” said Vivek Vasishtha, Oppo India’s vice-president for public affairs.

The smartphone company said it aimed to partner with more local suppliers to strengthen the local supply chain for a robust smartphone ecosystem in India. “Oppo India has collaborated with the government and the industry in encouraging around 30 Tier-1 suppliers to set up operations in India,” the statement said.

These suppliers, it added, employed “tens of thousands of Indian” locals contributing to the development of the electronics industry and enhancing India’s stature in the global value chains.

Oppo India, since its inception, has developed a network of more than 1,000 distributors.

With an investment of Rs 2,400 crore, Oppo India has set up a ‘super factory’ in Greater Noida. Its R&D centre in Hyderabad, setup in 2018, is driving innovation and patent filing in 5G, camera, and power and performance through technology labs. The manufacturing and R&D facilities in India are its largest outside mainland China. Pehal News

Click to comment

You must be logged in to post a comment Login

Leave a Reply

 

Copyright © 2022 Communications Today

error: Content is protected !!