Chinese phone maker Yuho Mobile today said it plans to invest Rs 500 crore to start its production in India as it looks to touch the Rs 1,000 crore sales mark by the end of next year.
“We are planning to invest Rs 500 crore by next year. We are talking to Foxconn for setting up a manufacturing facility at Noida, near Delhi,” Yuho Mobile Business Head (Distribution Sales) Rajeev Tiwari told reporters here.
The company will outsource manufacturing of the handsets and is looking to have a capacity to produce 10 lakh units annually, he added.
“The production is likely to start from mid-2018. Apart from the Indian market, this facility will also cater to the SAARC countries like Nepal, Bangladesh, Sri Lanka, Vietnam and the Philippines,” Tiwari said.
Yuho Mobile Pvt Ltd launched its India operations four months back and is currently having a sales of Rs 30 lakh every month, he added. ALSO READ: OnePlus 5T to Mi MIX 2 and Oppo F5: Smartphones with 18:9 displays under Rs 40,000
“In the first phase, we aim to be present through 7,000 outlets in North and East regions of India. In the second phase, our target is to be present in 10,000 outlets across the country. A total business topline of Rs 1,000 crore by 2018 should keep us in good stead,” Tiwari said.
The company today rolled out three models for the North Eastern market, priced between Rs 6,000 and Rs 15,000. Tiwari said the company is aiming to be present in the region through 700-800 sales outlets within next three months. ALSO READ: Google Pixel 2, Sony Xperia XZ1 to HTC U11+: 10 smartphones running on Android Oreo