In a boost to ‘Make In India’, China’s LeEco plans to set up manufacturing facility in IndiaNew Delhi: In a major boost to the PM Narendra Modi’s ambitious ‘Make In India’ campaign, Chinese technology company and one of the largest online video companies in the country, LeEco, is planning to soon
New Delhi: In a major boost to the PM Narendra Modi’s ambitious ‘Make In India’ campaign, Chinese technology company and one of the largest online video companies in the country, LeEco, is planning to soon set up manufacturing facilities in India.
Many companies have already set up their manufacturing base in India, which includes, Xiaomi, Gionee, OnePlus, OPPO, Vivo, Micromax, Karbonn among others.
Also the company, headquartered in Chaoyang District, Beijing, has sought Government of India’s nod to set up stores in the country.
According to a report published in Economic Times, the Chinese company has filed an application with the Foreign Investment Promotion Board (FIPB) in this regard. The FIPB, housed in the Department of Economic Affairs, Ministry of Finance, is an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for government approval.
LeEco made its debut in India back in January this year when it launched Le 1s and Le Max smartphones.
The report mentioned that the company is planning to open 8-10 stores across the country, as well as 500 franchise stores at an investment of around Rs 50 crore.
The company said that it will start with cities like Mumbai, New Delhi and Bengaluru to set up its fully-owned stores. Besides offering the already launched devices here, it will also begin selling power banks, Bluetooth devices, and VR headsets.
In addition LeEco has also set up a research and development (R&D) center in Bengaluru with a work force of around 1,000 employees.
Recently, the company had announced to invest $10 million for setting up Cloud and Content Delivery Networks (CDNs) across 10 cities in the country.
At present, the LeEco products are only available through e-commerce sites, and therefore the physical availability will give the brand much more visibility.
LeEco, formerly known as LeTV Holdings, is replicating its China model of setting up an ecosystem of devices, content, cloud and a user interface platform in India and like Apple and Xiaomi, have filed similar applications with the government.