Industry

Micromax eyes comeback, to invest ₹500 cr.

An employee stands at the counter of Micromax mobile phones at a showroom in New Delhi. File   | Photo Credit: Reuters

Homegrown consumer electronics brand Micromax is planning a comeback in the smartphone segment with a ₹500 crore investment to build products from ground up for the Indian consumer. As a first step towards re-entry into the segment where it made waves before Chinese phones took over, Micromax Informatics on Friday unveiled a sub brand ‘in’, under which it will roll out a range of smartphones.

“Our endeavour is to bring India on the global smartphone map again with 'in' mobiles,” co-founder Rahul Sharma said, while launching the sub-brand on the company’s digital handles.

Setting the backdrop for the comeback is the anti-China sentiment, in the wake of recent tension between India and China, as well as the Centre’s emphasis on ‘Make in India’.Towards realising its vision of Atmanirbhar Bharat, the government had announced production linked incentives (PLI) to spur domestic manufacturing of mobile phones.

“India is one the top five mobile gaming markets in the world and with the ‘in’ brand we will provide a bona fide choice that will allow consumers to edge ahead with high performance oriented products, without infringing on their privacy,” Mr. Sharma said.

Micromax has manufacturing facilities in Bhiwadi and Hyderabad. A release said the firm had a 2-million-phones-a-month capacity and is working on strengthening its retail and distribution network.

Earlier this month, the Union Ministry of Electronics and IT had approved 16 proposals by electronics manufacturers under the PLI scheme. The proposals entailed an investment of ₹11,000 crore and included those by Samsung, Foxconn, Lava and Micromax.

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Printable version | May 18, 2021 11:14:19 PM | https://www.thehindu.com/business/Industry/micromax-eyes-comeback-to-invest-500-cr/article32876347.ece

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