Lava to Invest Rs. 2,615 Crores to Ramp Up Mobile Production
Domestic handset-maker Lava on Monday said that it was planning to invest Rs. 2,615 crores to ramp up production at its facility.
“Lava has plans to invest Rs. 2,615 crores in a phased manner in the country under the ‘Make in India’ initiative,” Lava chairman and managing director Hari Om Rai said at the sidelines of a launch event.
The handset-maker, which already has an assembly plant in Noida, will invest further into the facility to scale up production.
“The company is already in the process of bringing the component ecosystem in India from various countries. The Noida facility will be gradually ramped up to have a production capacity of 216 million phones per annum and generate direct employment for 53,000 people and indirect employment for 360,000 people,” Rai said.
According to the company, Lava has achieved a revenue of $1.2 billion (roughly Rs. 7,680 crores) in 2014-15, registering more than 100 percent growth over 2013-14.
On Monday, Lava launched its first Android One smartphone in India, the Pixel V1, in partnership with Google. Priced at Rs. 11,350, the smartphone will be exclusively available online via Flipkart. Lava reveals that the Pixel V1 Android One smartphone will be also available via retail stores in the country.
Much like other Android One phones, Google promises that the Lava Pixel V1 smartphone will receive guaranteed Android updates for 2 years. The smartphone features a 5.5-inch HD (720×1280 pixels) IPS display, which is definitely larger than the first-generation Android One phones that featured 4.5-inch (480×854 pixels) IPS FWVGA display.
