Xiaomi supplier Holitech has inaugurated its first component manufacturing plant in Greater Noida. The new plant comes at an investment of $200 million (Rs 1,394 crores) spread over three years.
Xiaomi claims that Holitech local manufacturing plant will be ready in the third quarter of this year and is expected to generate 6,000 jobs in three years. The factory is being set up on a 25,000 square metre property and will have a production capacity of more than 300 million components every year. Holitech Technology manufacturers thin film transistor (TFT), compact camera modules (CCM), flexible printed circuits and fingerprint sensors. All the components will be manufactured locally.
“Xiaomi has witnessed significant growth in the country and we are positive that Holitech’s plans for India will herald a new stage of evolution for the electronics manufacturing industry in India. Holitech is a leading global component supplier and with their entry in India, we are positive that a new era of local electronics component manufacturing will begin fostering job creation and encourage the entry of other component manufacturers in India.” Said Muralikrishnan B, Chief Operating Officer, Xiaomi India.
Xiaomi is a fierce advocate of Make in India. The company claims Holitech plant is the outcome of global Supplier Investment Summit in April 2018. This summit was aimed at helping global companies explore manufacturing opportunities in India.
“The phenomenal growth of Xiaomi along with their initiatives to promote local manufacturing has encouraged us to explore component manufacturing for Xiaomi in India. We hope to further boost this initiative by setting an example for other component manufacturers and being a part of Xiaomi’s growth in India,” said Mr Chenguisheng, CEO, Holitech Technology.
Holitech is a leading electronic component manufacturer. The company is involved in manufacturing LCD, Touch Screens, Fingerprint Recognition, Smart Wearable Products, Intelligent Micro Controller and Embedded Display Modules.