During the launch of the Coolpad Note 3, Coolpad a Chinese mobile devices maker today announced that company would invest around $300 Million ( approx Rs 1,950 crore) in India to manufacture and sell low cost devices across the country.
Coolpad has partnered with Videocon an Indian electronics to produce the devices from its facility somewhere in Maharashtra.
“India is a very crucial market for us and we believe that we will learn a lot from our investments in the country which will affect the company and its business globally,” said Dr. Johnson Luo, Coolpad, V.P. Coolpad Group.
At The launch event, Company’s Group Chief Financial Officer Jiang Chao told PTI, “We have earmarked an investment of USD 300 million till March, 2017 in our India business.”
The company will be using its existing stock till the end of this year and the first made in India company’s device are expected to be available in the first quarter of next year. Coolpad further plans to set up its own research and development unit in the country as well increase workforce by 10 times to around 500 in a year.
Coolpad India CEO Syed Tajuddin said “We will also use the investment to subsidise handset price so that customers get to experience our product. As our business grows, company will require more manpower to support it. We expect our team to grow from 50 at present to 500 in a year. This will have people for operations, sales and product development.