New Delhi: Home-grown mobile phone company Karbonn will invest close to Rs 400 crore for setting up two manufacturing units in the country.
The company has formed a joint venture 'Million Club Manufacturing (MCM)' with Water World Co to set up the first facility in Noida that has a capacity of 1.5 million units.
"We have invested Rs 25 crore each in setting up this unit in Noida. Water World Co is our technology partner and will manage the unit. The unit has 12 (assembly) lines and another 12 will come up in the next few days," Karbonn chairman Sudhir Hasija told PTI.
Hasija said the joint venture will put in another Rs 100 crore over the next 3-4 months towards expanding the project.
Besides, Karbonn has already commenced work on its second facility in Haryana and the plant is about thrice the size of the Noida plant, he added.
"We have already procured the building and work is underway, it should be ready by October. The cost of this project is about Rs 300 crore," Hasija said.
The company currently sources its devices from China and Taiwan.
It sells about two million handsets a month and expects its revenues to touch Rs 4,500 crore by March this year.
An increasing number of smartphone makers, including the likes of Xiaomi, Gionee and Motorola, are considering manufacturing in India.
With the government pushing its 'Make in India' initiative, domestic handset makers like Micromax and Lava are in the process of ramping up manufacturing in the country.
India is one the fastest growing smartphone markets globally. According to research firm CMR, 19.5 million smartphones were shipped in India in March 2015 quarter.
