Hyderabad: Micromax, India’s leading mobile phone brand has decided to invest the total amount of Rs. 2,000 crore that they are going to invest in the manufacture of their products and thus set-up a milestone.
Micromax co-founder Rajesh Agarwal on this said that additional funds could be raised by Micromax’s potential equity investors. All four Micromax promoter, including Rajesh Agarwal, hold about 80% among them.
Without exaggerating a bit, Micromax managing director Rajesh Agarwal said that Micromax had made revenue of Rs. 12000 from 2015-16, and also expecting to grow by 25% until next year. Owners of Micromax have decided to set up a unit near Micromax’s 19-acre Hyderabad plant.
The plant was already built in the outskirts of Hyderabad this Thursday. The initial investment was done for Rs. 100 crore. Micromax Rajesh Agarwal agreed that they are ready to establish a joint venture to give life to this new idea.
In the economic zone of Hyderabad where all semiconductor companies are set up, Micromax is planning to bring their accessory makers in this facility. And this is possible with the recent government policy in Telangana regarding electronics.
Micromax MD Rajesh Agarwal said their plan with its baby steps would take some time, but it eventually will evolve. He said that the manufacturing would take place in 4 phases. In 1st phase a unit will set up, in 2nd accessories will be made locally, then component manufacturing will be held in the year 2019 and in the final phase all established companies will make a huge name by 2022.
The manufacturing part of Micromax is being operated by Bhagwati Products Ltd in Hyderabad. The company is also running in other places like Uttarakhand and Rudrapur, which is one of the company’s second plants. The third plant is in Bhiwadi, Rajasthan and the other one in Madhya Pradesh. Micromax Hyderabad unit will also manufacture led lights.