- announces an investment of Rs 500 crores to build manufacturing unit in UP
- – Signs MoU with Government of UP to set up the plant in the state
New Delhi, 27th January, 2015: Taking forward the Government of India’s Make in India campaign, Spice Group, a leading mobile internet conglomerate today announced an investment of Rs 500 crores to set up a manufacturing unit in Uttar Pradesh. At the occasion, the company also signed a Memorandum of Understanding with the Government of Uttar Pradesh for setting up the manufacturing unit in the state. The manufacturing unit will bolster the company’s strategy to introduce affordable mobile internet devices in India through domestic manufacturing, thus catering to a larger market by offering best technology at most affordable prices.
Under the Memorandum of Understanding, the Government of UP will support Spice Group in establishing the facility in the State of Uttar Pradesh in a time bound manner and facilitate the necessary infrastructure, ecosystem and incentives under various schemes announced by the State and Central Government.
Commenting on the announcement, Mr. Dilip Modi, Chairman, Spice Group, said, “We are delighted to announce our investment plans to set up a mobile manufacturing unit in Uttar Pradesh with the support of the Government of Uttar Pradesh. With a local manufacturing plant, Spice Group can achieve its vision to create affordable and high technology mobile products for a larger audience. Uttar Pradesh has had a strong connection with our group, ever since we set up the country’s first photocopier manufacturing plant in the state. We would like to thank the Government of Uttar Pradesh for once again extending their support in expanding our company’s business plans. “
Through the facility, the company aims to create a high quality production environment, thereby introducing a wider range of high technology mobile internet devices at affordable costs. In a brand survey conducted by The Economic Times Brand Equity in 2014, Spice Group was ranked as the second most trusted Indian mobile brand in the country. Spice Group targets the tier II and III markets through its affordable segment of smartphones and feature phones and unique offerings.
“I am happy to have Spice group create new opportunities for manufacturing and new jobs in UP. Spice Group has been associated with UP since 1932. I look forward to expanding this association into new areas of electronics manufacturing and my government will support this effort in every possible way. ” said Mr. Akhilesh Yadav, Chief Minister, Uttar Pradesh.“