Intex Technology will invest around Rs 1000 crore to set up a 50 acre large manufacturing facility in Karoli of Bhiwadi region, Rajasthan to make mobile phones, LED TV and allied products, as Prime Minister Narendra Modi’s ‘Make-in-India’ push helps the country to become an attractive alternative to China as a manufacturing base.
The company, the country’s no. 3 smartphone maker, plans to set up a factory over five years, around the end of which it plans to move most or all its production from China to India.
Intex has formed a new company Glo-Tech Enterprises, which will look after the manufacturing work of the company The new company is being promoted by Narendra Bansal, founder promoter and CMD of Intex Technology and Anand Singhal, the Founder Chairman of Kandoi Group, which has interest in real estate, education, hospitality and manufacturing sector.
“We intend to manufacture products for brands outside India through this new facility, thus we have created a separate entity, called Glo-Tech Enterprises,” Bansal told ET, adding that the company is aiming to start production out of this upcoming plant by December 2015.
“We have inked a number of MoUs with big Chinese vendors, which will help it to set up the plant in Rajasthan,” he said, adding that the company is looking to set- up a complete ecosystem around its upcoming facility, and is in talks with component manufacturers.
News Source:- Economic Times