As a Indian Prime Minister Narendra Modi‘s Make in India and Digital India initiatives, Chinese Internet and technology conglomerate LeEco is going to start a manufacturing base along with research and development centers in the country, said the company’s vice chairman and co-founder.
LeEco’s vice chairman and co-founder Liu Hong told, We have already applied for the single-brand retail licence with the Foreign Investment Promotion Board (FIPB). The ministry for communications and information technology has given us options like Andhra Pradesh, Telangana, Raipur’s electronic cluster, Bhopal and Bhilwada (Rajasthan) to set up our manufacturing base. We will evaluate all the options before finalising our manufacturing location.
He also added that, We are looking forward to meet the Indian Prime Minister and the Telecom Minister because we really want to contribute for ‘Make in India’ and ‘Digital India’ initiatives. We would like them to understand our ecosystem and support us manufacturing in the country.
Our goal is to be among the top three players in the Indian market soon. LeEco’s content be it movies, dramas, reality shows, music or sports is central to our ecosystem which we will replicate in India.
India is now on the way China has already been and will be leading the smartphone market in the near future. The Indian consumers are demanding high-quality phones at reasonable price. We acknowledge this and see a great potential of manufacturing here.
We plan to open 8 to 10 LeEco stores across the country as well as 500 franchise stores at an initial investment of nearly Rs.50 crore (Approx $7.51 Million USD) Hong added. The company plans to set up offline stores in Mumbai, Delhi, Bengaluru and Hyderabad, among others.
Its fully-owned exclusive retail stores will house products like Le “Superphones”, Le TVs, VR (virtual reality) headsets, Bluetooth devices and power banks. LeEco is also planning to set up in-house Content Delivery Networks (CND) across 10 cities in India with an initial investment of $10 million to ensure seamless content distribution.
Indian users are price sensitive. Samsung and Apple are available but are highly-priced; so we sell our products at a disruptive price with high quality.
LeEco sees great potential in India in terms of technology and is also looking forward to setting up retail and offline stores in the country. The manufacturer is also looking to set up retail stores around the country, and will establish an R&D center in Bengaluru.
India has become the second-biggest smartphone market in terms of active unique smartphone users, crossing 220 million users and surpassing the US market, According to a recent study by Counterpoint Research.