Micromax plans for expansion, to invest Rs. 2000 cr
Micromax, a leading mobile handset manufacturer of India, said that it plans to invest Rs.2,000 crore over the next 5-6 years, to expand its business.
The handset manufacturer set up a new manufacturing unit in Hyderabad with an initial investment of Rs.100 crore. This is the second plant of the Bhagwati Products Ltd, the manufacturing subsidiary of the company.
Speaking at the inauguration of the plant on Thursday, Rajesh Agarwal, co-founder of Micromax, said that the company will expand its operations this year to two to three countries. “Having presence already in Russia and SAARC countries, we are now looking for expansion to Iran, African and CIS countries,” he said.
The handset maker targets a growth of 25 percent during the year (2016-17) to attain Rs.15,000 crore in revenues. In 2015-16, the revenue of the company was Rs.12,000 crore.
Micromax is currently selling 2.5 million units per month. "We currently have market share of 14 percent and expect our share to increase to 20 percent in 2016-17," the co-founder said.
The new plant is inaugurated by K.T. Rama Rao, IT Minister, Telangana and has the capacity of manufacturing one million handsets in a month. It also has the facility for manufacturing LED lights, LED TV and other electronic equipment, as a scope of expansion in the future.
to success.