Spice Group to invest Rs 500 crore in setting up a unit in UP

Leading smartphone manufacturing firm, Spice Group recently revealed plans to invest Rs 500 crores to set up a manufacturing unit in Uttar Pradesh, in a bid to follow the government's Make in India campaign according to a report in Economic Times.
Spice to invest Rs 500 crore

Leading smartphone manufacturing firm, Spice Group recently revealed plans to invest Rs 500 crores to set up a manufacturing unit in Uttar Pradesh, in a bid to follow the government’s Make in India campaign according to a report in Economic Times.

Further, this 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 a wider range of high technology devices at affordable costs, the company said in a statement.

Commenting on the development, Dilip Modi, Chairman, Spice Group, told ET: "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." 

Besides, the Group has signed an Memorandum of Understanding (MoU) with the government of Uttar Pradesh for setting up the manufacturing unit in the state.

As per the MoU, the UP government will support Spice Group in establishing the facility in the State in a time bound manner and facilitate the necessary infrastructure, ecosystem and incentives under various schemes announced by the state and central Government.

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