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Wednesday, December 1, 2021

Micromax will invest 500 crores in Indian smartphone market with ‘In’ brand

Micromax company has announced its comeback in the Indian smartphone market. The company will return to India with its new smartphone brand “In”. Micromax co-founder Rahul Sharma announced the company’s re-entry into the smartphone market by sharing a short video on Twitter. Sharma shared the company’s journey in the video, which had come to a halt after the arrival of Chinese smartphone companies in the Indian market.

There was uncertainty about the future of the company

There was uncertainty about the future of the company since 2016 when it failed to launch a 4G phone at an affordable price. Micromax was the second smartphone maker in the Indian market in 2014 but was eliminated after the arrival of the Chinese brand.

However, after promoting Modi government’s self-reliant India campaign, the company has now decided to make a comeback with its new range of smartphones, In. Under the “In” branding, details about the first Micromax smartphone are not yet known. Sharma also did not tell about the launch date of the smartphone in India.

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The company has confirmed to invest Rs 500 crore to expand local manufacturing and research and development (R&D) operations. This is under his plan to return to the Indian smartphone market. Sharma had said that in the new PLI scheme, the balance between foreign and Indian companies has been kept. The support of 6 percent is large and with the support of the government, they will be able to compete well with Chinese brands on the price front. He further said that internal sources are good for the scheme and the company will arrange the money at the right time.

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Source: www.financialexpress.com

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