Indian telecom enterprise, Optiemus Infracom Ltd, and Taiwan&’s Wistron Corporation on Tuesday signed a joint venture (JV) to manufacture telecom products in India with an investment of $200 million (around Rs.1300 cr) over next five years.
“The joint venture will be a great example of ‘Make in India’. The companies will not only manufacture in India but capture the world from India,” Amitabh Kant, secretary, Department of Industrial Policy and Promotion, Government of India, said at the event.
“I have travelled so many times to Taiwan and I think there is no better manufacturing destination than Taiwan. The country is a great example of innovation, design, manufacturing, and entrepreneurship,” Kant added.
Under the venture, the companies will strategically invest in best class infrastructure, technologies and processes, and create over 15,000 employment opportunities in India.
By 2017, India is expected to overtake the United States to become the second largest smartphone market globally, as per research firm International Data Corporation.
“We are excited to enter the world&’s fastest growing smartphone market and we are confident that by leveraging each other&’s strengths, we will be able to bring innovation and value at a faster pace to the end consumers,” Robert Hwang, president and COO, Wistron Corporation, said.
“With this partnership, we are committed to make available world class technology products at affordable prices for global and local brands,” Ravinder Zutshi, managing director, Optiemus Infracom Ltd said.
Optiemus Group is a $650 million telecommunications enterprise, while Winstron Corporation is a Fortune Global-500 company and a technology service provider.