The company also said it would hire new employees to meet expanded production capacity
Videotex International has announced plans to invest Rs. Rs 100 for the establishment of a new TV plant in Greater Noida in the National Capital Region (NCR).
The company said the new plant would increase its production capacity to 3.2 million TVs. Its current plants have a capacity of 1.4 million units.
The company also said it would hire new employees to meet expanded production capacity. This includes employees from the back office, along with those in the production floor and others.
“India’s e-contract manufacturing is projected to increase more than sixfold by 2025. Increased tariffs on finished goods imports have boosted local production and assembly in India,” said Arjun Bajaj, director of Videotex.
“This move has led to an encouraging response from local production. At present, many brands do not have production facilities in India, an obligation forces several TV manufacturers to look for trusted and reputable local partners with strong experience and expertise to meet their requirements, “he added.
Videotex currently manufactures TVs for companies such as Realme, Hisense, Toshiba, Lloyd, Hyundai and more than 15 other brands in the country. In addition, it holds an exclusive license to manufacture TVs running the webOS operating system of South Korea’s LG.
Companies like Videotex are seeking to take advantage of the growing demand for TVs in India after the pandemic. According to a March 2022 report by market research firm Counterpoint Research, India’s television supply grew by 48% year-on-year (year-on-year) in the quarter ended December 2021, up 24% year-on-year. basis for the calendar year 2021. He noted that the market for smart TVs in the country has reached its highest steady supply in 2021, due to delayed demand due to the pandemic.
SPPL, Radiant and Videotex are among the largest TV companies in India, along with Dixon Technologies, which has a larger manufacturing portfolio that includes smartphones, laptops and more. The company is also a beneficiary of the government’s Mobile Incentive Scheme (PLI) announced in March 2020.