Chinese mobile handset maker China Wireless Techonolgies today forayed into the Indian high-end dual-sim smartphone market in partnership with Reliance Communications aiming to clock Rs 800 crore revenue in the next five years.
“Our traget is to record Rs 800 crore revenue in the next five years from the Indian market.We will invest Rs 400 crore as capex and opex over the next three years for the Indian operation,” China Wireless India Joint Venture Head Sami Al-Lawati told PTI here.
Hong-Kong stock exchange-listed China Wireless technologies’ Indian subsidiary, Coolpad Communications, signed an exclusive distribution agreement with RCoM’s retail subsidiary, Reliance Webstore, and the handsets would be available in the market under the “Coolpad” brandname.
“We will initially market three models and will bring in another four models by the end of the year,” Al-Lawati said, adding that the company was also mulling to start a Research & Development centre in India by the beginning of 2011.
The company would also recruit 300 people by the end of the year and plans to take the tally to 1,000 by the end of the next year.
Coolpads India’s foray is the company’s first overseas venture and is in line with the strategy to penetrate overseas markets and take a leadership stance in the global dual-mode market segment.
“We want to use the Indian R&D to springboard to other markets across the world. Currently, our focus will be on the Chinese and Indian markets, the two fastest growing markets in the world,” Al-Lawati said.
The Coolpad smartphones would be retailed in 2,300 Reliance World and Reliance Mobile Stores across 700 cities in India.