Handset maker Xiaomi today hosted more than 50 of its global component suppliers here to showcase opportunities in India, a move that it believes can bring as much as Rs 15,000 crore (about USD 2.5 billion) in investment and create up to 50,000 jobs in the country. Also Read - Mi Band X strapless smart band with 360-degree flexible display under works?
The Chinese firm has six smartphone manufacturing plants in India in partnership with Foxconn and Hipad. Also Read - Best laptops under Rs 40,000 in July 2021: Mi Notebook 14, Asus VivoBook 14, and more
It said it sees a lot of opportunities in India as it is among the largest smartphone markets. Also Read - Friendship Day gifting ideas for your young tech-savvy besties under Rs 5,000
“If these companies (suppliers) choose to invest here, there is an investment opportunity of over Rs 15,000 crore and can generate employment for over 50,000 people,” Xiaomi VP and India Managing Director Manu Jain told reporters here.
He added that if all the suppliers set up base in India, this would lead to one of the biggest ever single investment in the electronic manufacturing industry.
The suppliers’ summit which kicked off today will continue till April 11. The component suppliers will visit Uttar Pradesh and Andhra Pradesh to explore and learn about investment opportunities in India, including incentives offered by the Centre and state governments, FDI policy, industrial policy and various state sector specific policies.
“The objective of the summit is to educate Xiaomi’s global component suppliers about India’s smartphone industry and encourage them to establish local bases in the country,” Jain said.
Xiaomi, which is among the top smartphone players in India, started assembly of smartphones in India in 2015 and had two manufacturing units in partnership with Foxconn.
The company has now set up three new smartphone manufacturing units in Tamil Nadu and Andhra Pradesh, along with a facility for printed circuit board (PCB) manufacturing in India.
While the company didn’t disclose investment details, it said the move will double its manufacturing capacity in India.
“We had two facilities for smartphone manufacturing earlier. Now we have added three more in Sri City, Andhra Pradesh and Sriperumbudur in Tamil Nadu. These are in partnership with Foxconn,” Jain said.
Besides, a small number of phones are also being made in Noida with another partner – Hipad, he added.
These facilities employ over 10,000 people and 95 per cent are women, Jain added.
Xiaomi is also setting up a new PCB assembly unit in Sriperumbudur in partnership with Foxconn.
“We are committed to manufacturing in India. PCB is 50 per cent of the value of a phone… By Q3, all Xiaomi phones made in India will have PCBs that are locally assembled,” he said.
This is published unedited from the PTI feed.